The Bank of England (BoE) considered buying bicycles so its officials could move around London in the event of a full-scale financial meltdown, it has been revealed.
The plan was disclosed by former City minister Lord Myners who said it "tells you a huge amount" about the Bank's understanding of complicated financial markets, the Telegraph reports.
Speaking in the House of Lords last night, Lord Myners, a former member of the Court of Directors of the Bank, said: "In the light of what we now know about the Bank of England, I think we have to ask whether it is still right to be putting as much authority in the hands of the Bank without appropriate accountability.
"When I was a member of the court, I sat in on a meeting of the financial stability committee - it would have been 2006 or 2007.
"One of the governors at that meeting proposed that as a mechanism to cope with crisis, the Bank should buy half a dozen or a dozen bicycles in order that members of the Bank could move swiftly and anonymously around the City."
The coalition government is preparing to hand full control of banking regulation to the Bank of England, but Labour is urging the FSA to retain some power.
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