Court of Directors Meeting of 15 December 2022: Outcomes and Actions
The Bank of England is the central bank of the United Kingdom, and is responsible for the country’s monetary policy. At its December 15th, 2022 Court of Directors meeting, the Bank discussed its key priorities, the Financial Stability Report, the sale of index-linked gilts, Solvency II and Basel 3.1, digital money, the King Charles III banknote, the Audit and Risk Committee, and the Remuneration Committee.
The Financial Stability Report, published on December 13th, discussed the Bank’s key elements. The Bank had sold 60% of the index-linked gilt portfolio it had purchased consistent with its financial stability objectives this autumn. The image release for the King Charles III banknote was scheduled for December 20th, 2022.
Sam Woods provided an update on discussions with the Government and industry regarding Solvency II and Basel 3.1. Jon Cunliffe updated Court on the progress of the Bank’s work on digital money. He said the Bank and HM Treasury were in close consultation on the UK’s approach to stablecoin and Central Bank Digital Currencies (CBDC) and he would provide future updates depending on the outcome of those discussions.
Diana Noble updated Court on the work of ARCo. The Audit section of the meeting discussed recent reviews that had taken place. ARCo had noted that the impact to the Bank’s balance sheet from recent market volatility was within risk tolerance.
Anne Glover updated Court on the work of RemCo. RemCo had met to discuss the appointment of the Bank’s Chief Information Officer as well as matters relating to pay and pensions.
Victoria Cleland updated Court on the RTGS Renewal Programme. The Bank was making progress with the development of its new real-time gross settlement system, which was due to go live in 2023. The Bank had also established a new governance framework for the programme.
The Bank of England’s Court of Directors meeting on December 15th, 2022, covered a wide range of topics, from the Financial Stability Report to the RTGS Renewal Programme. The Bank is committed to ensuring financial stability and making progress in areas such as digital money, solvency and remuneration.
Related Facts:
– The Bank of England is the central bank of the United Kingdom
– The Bank sold 60% of the index-linked gilt portfolio it had purchased this autumn
– The Bank is in close consultation with HM Treasury on the UK’s approach to stablecoin and Central Bank Digital Currencies (CBDC)
– The Bank is making progress with the development of its new real-time gross settlement system
Key Takeaways:
– The Bank of England’s Court of Directors meeting on December 15th, 2022, covered a wide range of topics
– The Bank is committed to ensuring financial stability and making progress in areas such as digital money, solvency and remuneration
The Bank of England is dedicated to ensuring financial stability and progress in areas such as digital money, solvency and remuneration. The Court of Directors meeting on December 15th, 2022, highlighted the Bank’s commitment to these goals and provided updates on key initiatives such as the Financial Stability Report, the sale of index-linked gilts, the RTGS Renewal Programme, and the consultation on the UK’s approach to stablecoin and Central Bank Digital Currencies (CBDC).
