Banking and finance litigation update — issue 59


The Banking and finance litigation update is published monthly and covers current developments affecting DLA Piper’s area of practice and its clients during the preceding month.

The Bank of England (BoE) has begun the process of recruiting at least three non-executive directors to sit on the board of the Prudential Regulatory Authority.

BoE is intending to double the number of its deputy governors from spring 2013, one of whom may well be Andrew Bailey, possible head of the Prudential Regulation Authority.

Fresh scrutiny will be given to the handling of the financial crisis by the BoE with three reviews commissioned by the central bank expected to be published. The reviews were commissioned back in May when the BoE was the only major institution not to have been the subject of a formal review process. The reviews looked into: the way liquidity was provided to The Royal Bank of Scotland and HBOS in 2008 and 2009; the Bank’s general policy on providing liquidity to the financial system; the forecasting capabilities of the monetary policy committee…

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