6  Accountability duties are specified as follows (art. 7 NBA): The SNB regularly discusses with the Federal Council the economic situation, monetary policy and topical issues of federal economic policy. The SNB submits a written accountability report annually on the fulfilment of its tasks, and elaborates on its monetary policy to the respective committees of the Federal Assembly. The public is informed through quarterly reports on the development of the real economy and of the monetary situation. At the same time, the SNB is obliged to publicly announce its monetary policy intentions. BIS central bankers’ speeches  5  meetings with the Federal Council and representatives of the relevant committees of the Federal Assembly as well as with representatives from different economic sectors, and the half-yearly media news conferences covering the current conduct of Swiss monetary policy. This has changed with the crisis. Given today’s circumstances and the SNB’s monetary policy decisions over the last couple of years, public authorities, the general public and financial markets all require substantially more information and transparency from the SNB. We are very aware of the legitimacy of these requests, and have responded in various ways. The SNB has strengthened its communication by significantly enlarging the scope of information available on its website.
Around the same time, Queen Elizabeth granted a monopoly on the writing of assurance policies to Richard Candeler, who led the newly-created Office of Assurances. The Office introduced a system of fees – with the Office receiving a fixed percentage per £ insured 8 – for the production of physical written policies. Both through the creation of the Office and Court of Assurances, and the receipt of customs duties from insurers, the Privy Council in the 16th century – as approved by the monarch – cemented the role of the state in exercising a judicial function and creating an environment of policy registration and anti-fraud conducive to commerce. So, as I see it, this first phase of engagement between the British state and the insurance sector was effectively a trade: dispute resolution services were provided by the state, and insurers contributed some revenue to it in return. Indeed, in the early stages this revenue went directly to Candeler himself. Despite the tight state controls around who could write insurance, the nature of risks being underwritten was granted little oversight – so much so that, for many, the practice of insurance became synonymous with gambling in the 18th century. Perhaps – and I say this with some trepidation here at Lloyd’s – some of the most egregious examples of such behaviour were evident in the marine market. By this point, London had emerged as a centre of excellence in marine risks, due partly to its strategic location on famous shipping routes.