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Bank sector's £25bn 'black hole'

The banking sector has to fill a £25 billion "black hole" in its reserve funds that are needed as a cushion against future crises, the Bank of England has warned.

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What is the role of the new Financial Policy Committee?

  • The Financial Policy Committee was set up on an interim basis last year, and is chaired by the Bank of England Governor.
  • It is also the pillar of the new regulatory regime introduced by the coalition, which comes into force on April 1.
  • The FPC will take the broadest overview of financial regulation in the UK and comprises a mixture of Bank of England staff and external experts.
  • It will sit alongside the Prudential Regulation Authority and the Financial Conduct Authority.

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