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Board overseeing BOE failed in its duty during 2007 crisis

It didn't help set strategic direction to deal with Britain's first bank run in 100 years, minutes of meetings show

Thu, Jan 08, 2015 - 5:50 AM

Mr King said in May 2012 that the Bank of England had failed to properly identify and warn about risks facing banks in the run-up to the crisis.

PHOTO: BLOOMBERG

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...

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