Andrew Bailey: The future of banking regulation in the UK Speech by Mr Andrew Bailey, Executive Director of the Bank of England, at the British Bankers’ Association Annual Banking Conference, London, 17 October 2012. *  *  *  It is a great pleasure to be here this morning. I am going to talk about what has become the hot topic of the time, namely the role of bank regulation in macroeconomic policy. But before I do so, just a few words on progress towards creating the new system of regulation in the UK. The Treasury announced on Monday that they expect that the new regime will formally come into existence at the start of April next year. I expect that the PRA’s new home, near to the Bank of England in Moorgate, will be occupied by our supervisors shortly before then. On Monday, we published two important documents on the PRA’s approach to supervision, covering banks and insurers respectively. Next Monday, we are holding conferences at the QE2 Centre, covering banks in the morning and insurers in the afternoon. Please do come along. You can access the documents now on the Bank of England and FSA websites. I should add that Martin Wheatley and his colleagues in the FCA-to-be have also issued an approach document this week and are holding a number of events too. We are doing our best to keep you entertained! Let me turn now to the issues around bank regulation and macroeconomic policy.
Svein Gjedrem: Risk and growth in the financial industry Speech by Mr Svein Gjedrem, Governor of the Central Bank of Norway, at the Annual meeting of the Norwegian Savings Banks’ Association, Bergen, 27 October 2005. The speech does not contain assessments of the economic situation or the monetary stance. Please note that the text below may differ slightly from the actual presentation. The charts in pdf-format  can be found on the Central Bank of Norway’s website. References can be found on the Central Bank of Norway’s website. *  1. *  *  Introduction  Over the past decades, debt and financial assets have risen sharply worldwide. The financial system serving lenders and borrowers has also expanded. The number of participants in these markets has soared, some new operators have appeared and a broad range of instruments has emerged. Growth in financial markets provides the basis for more efficient use and distribution of capital and for improved risk management. Developments in the financial industry have thus contributed to stronger and more stable economic global growth over the past decades. New instruments have increased banks’ possibilities of managing risk, among other things credit risk associated with lending. In many countries, growth in household borrowing has been high for several years. In Norway, mortgage loans account for an increasing share of banks’ balance sheets. I will now discuss different aspects of this. 2.