Lord Bellingham
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Defined Benefit Pension Funds
Lord Bellingham Excerpts(2 years, 1 month ago)
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Baroness Penn (Con)
My noble friend is absolutely right about the liquidity mismatch. My understanding is that there was a certain amount of flexibility shown in that; none the less, the Bank of England’s intervention was directed to address that specific problem. As for the QE policy, my noble friend will not be surprised to hear me say that that is for the Bank of England and I will not comment further on it.
Lord Bellingham (Con)
My Lords, obviously the shadow banking system, which includes insurers and pension funds, is not subject to the same rules as traditional banks, especially when it comes to holding cash reserves against market shocks. Does the Minister agree with Sir Jon Cunliffe, Deputy Governor of the Bank of England, when he wrote to the Treasury Select Committee in the other place recently to say that it is incredibly important that there should be more international checks and balances on non-banks?