BoE papers reveal governing body's ignorance of impending crisis

Minutes of meetings held by the central bank's senior 'Court' committee between 2007 and 2009, released on 7 January, also show the BoE's governing body was kept in the dark over key decisions such as bank recapitalisation. Details of a meeting in July 2007, for example, show the Court focused on discussing staff pensions and new members of the Monetary Policy Committee. The Bank identified that liquidity was a concern but took no action to resolve this. Members were also told the Bank was working on a model to detect risk in the financial system. But the minutes also showed a repo...