Fisher P G F (2009), “The Bank of England’s Balance Sheet: Monetary Policy and Liquidity Provision during the Financial crisis” speech available at http://www.bankofengland.co.uk/publications/speeches/2009/speech413.pdf. Tucker, P M W (2009), “The Repertoire of official sector interventions in the financial system: last resort lending, market-making, and capital”, speech, available at http://www.bankofengland.co.uk/publications/speeches/2009/speech390.pdf. Sayers, R.S., (1976) “The Bank of England 1891–1944”, Volumes 1 and 2, Cambridge University Press. 9  See: “Discussion paper on non-bank lending”, HMT published on the 12 January, available at http://www.hm-treasury.gov.uk/d/non_bank_lending_discussionpaper.pdf. BIS Review 23/2010  7  8  BIS Review 23/2010  BIS Review 23/2010  9
And also worthy of note is our work, together with the Ministry of Finance, on the initiative for the pension savings formation model through Individual pension capital. By our estimate, the work on this project is now quite advanced. We have undertaken a few rounds of both departmental and expert discussions. I very much hope that these changes will be accepted, as they will provide citizens with better quality of life, and generate a long-term source of funding for the economy, which is vital for investment development. And the last thing I wanted to mention, which I believe to be particularly important – when working on scenarios, on forecasts, on the budget – is our interaction with the Ministry of Finance and the Ministry of Economic Development in preparing a firmly grounded medium-term macroeconomic forecast. Because this forecast provides direction not only for the budget, but also for businesses in our economy and economic subjects, and I hope that this work will also help to ensure consistency of views on macroeconomics and economic policy, because this is also very important. In the last two years we really have been consistently working together, and in our opinion this work has indeed paid off. And to wrap up I would like to extend my thanks once again to all the 3/4  BIS central bankers' speeches  staff of the Ministry of Finance for the constructive cooperation that we have developed, for your high professionalism, and for your responsible and involved attitude to work.