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Budget
PN 5
22 March 2006
HM Treasury, the Bank of England and the Financial Services Authority have today jointly published an updated Memorandum of Understanding for Financial Stability.
A framework for co-operation between the three authorities in this area was first set out in a Memorandum of Understanding in 1997. It has proved to be robust and effective as a basis for responding to financial stability risks. But financial markets and institutional roles have evolved over the past eight years and it is now appropriate to reflect those changes in the MoU itself. In particular, the response frameworks for managing both financial crises and major operational disruption have advanced significantly and this is spelled out in the new text.
1. The full MoU is available at: Budget 2006 press notice index
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