Board overseeing BOE failed in its duty during 2007 crisis

London

OFFICIALS charged with overseeing the Bank of England failed to hold the central bank to account during the 2007-09 financial crisis and may have made matters worse, a senior British lawmaker said on Wednesday.

The central bank published nearly 500 pages of minutes of meetings of its Court, a body which was meant to help set strategic direction and act as a check on its governor, who at the time of the crisis was Mervyn King.