BoE did not trade Solvency II for removal of call-in powers

Governor Andrew Bailey has said that they were not connected

Eve Maddock-Jones
clock • 4 min read

Bank of England (BoE) governor Andrew Bailey stated the central bank did not make a deal with the government to remove the highly debated ‘call-in’ powers in exchange for Solvency II.

Speaking at a Treasury Select Committee alongside several central bank colleagues yesterday (16 January), Bailey was grilled over its latest Financial Stability Report, issued in December 2022. The committee asked Bailey about various reforms being proposed, including the now dismissed call-in powers. The government backed down on its plans for a controversial power back in November that would have allowed it to intervene in financial regulation at will. Bailey and other major City figures were openly against the deal, something the governor acknowledged during the questioning. One...

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