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Memorandum of Understanding between HM Treasury, the Bank of England and the Financial Services Authority

By creating the Federal Reserve System, Congress intended to eliminate the severe f inancial crises that had periodically swept the nation, especially the sort of f inancial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency—that is, a. | FSA Memorandum of Understanding between HM Treasury the Bank of England and the Financial Services Authority 1. This memorandum of understanding establishes a framework for co-operation between HM Treasury the Treasury the Bank of England the Bank and the Financial Services Authority the FSA in the field of financial stability. It sets out the role of each authority and explains how they work together towards the common objective of financial stability in the UK. The division of responsibilities is based on four guiding principles clear accountability. Each authority must be accountable for its actions so each must have unambiguous and well-defined responsibilities transparency. Parliament the markets and the public must know who is responsible for what avoidance of duplication. Each authority must have a clearly defined role to avoid second guessing inefficiency and the unnecessary duplication of effort. This will help ensure proper accountability regular information exchange. This helps each authority to discharge its responsibilities as efficiently and effectively as possible. The Bank s responsibilities 2. The Bank contributes to the maintenance of the stability of the financial system as a whole - one of its two core purposes. This involves i. ensuring the stability of the monetary system as part of its monetary policy functions. It acts in the markets to deal with fluctuations in liquidity ii. overseeing financial system infrastructure systemically significant to the UK in particular payments systems whether based in the UK or abroad. As the bankers bank the Bank stands at the heart of the payments system. It falls to the Bank to advise the Chancellor and answer for its advice on any major problem arising in these systems. The Bank is also closely involved in developing and improving the infrastructure and strengthening the system to help reduce systemic risk iii. maintaining a broad overview of the system as a whole. The Bank is uniquely placed to do this .