BoE faces TSC accountability probe

The government's plans will extend the responsibilities of the Bank to include monitoring financial stability and taking action against threats to that stability. MPs want the BoE to explain what kind of decisions should made by each body when the Prudential Regulation Authority (PRA), becomes a subsidiary of the Bank in 2012. The TSC also wants to know to whom the Bank should be accountable, and if different accountability mechanisms are needed for its different functions. Other parts of the inquiry will look at the relationship between the Bank and Court of the Bank of England...