| 00:00:01 |
Unidentified Speaker, -
DURING THIS HEARING, HE ALSO TOLD MEMBERS THAT THERE WAS NO RUSH TO RAISE THE INTEREST RATES. HE IS JOINED BY MEMBERS OF THE MONETARY POLICY COMMITTEE....
|
| 00:00:51 |
Unidentified Speaker, -
TODAY SO THAT I WAS ABLE TO ATTEND THE MEETING EARLIER THIS WEEK. WE TOOK A FURTHER STEP FORWARD TOWARDS A NEW GLOBAL DEAL FOR CAPITAL AND LIQUIDITY...
|
| 00:05:15 |
Unidentified Speaker, -
I FIND A LITTLE BIT OF ITS ELLIPTICAL. WHEN YOU READ THIS STATEMENT, HE SAID THAT -- YOU USE THE WORD MONETARY ACCELERATOR. >> INTEREST RATES AND QUANTITATIVE...
|
| 00:05:54 |
Unidentified Speaker, -
ARE ARGUING THAT WE MAY NEED FURTHER --
|
| 00:06:01 |
Unidentified Speaker, -
YOU WOULD NOT EXCLUDE THE POSSIBILITY OF EMPLOYING MEASURES. >> I AM ARGUING THAT WE HAVE ROOM TO USE MONETARY POLICY IN EITHER DIRECTION. I WILL NOT...
|
| 00:06:18 |
Unidentified Speaker, -
TO GO. WE ARE PREPARED TO DO SO IN EITHER DIRECTION THAT SEEMS APPROPRIATE. >> IF I MAY BROADEN THIS DISCUSSION, IS YOUR VIEW THAT WE
|
| 00:06:36 |
Unidentified Speaker, -
SHOULD LIFT UP FROM THE ACCELERATOR? >> IT IS QUITE EXTREME. THAT WAS EXACTLY THE RIGHT THING TO DO.
|
| 00:06:58 |
Unidentified Speaker, -
I THINK THINGS HAVE CHANGED. THE INTERNATIONAL ECONOMY IS TURNING AROUND AND IS OPERATED MUCH MORE STRONGLY. THE RECOVERY IS ON EVEN. -- UNEVEN. IT IS...
|
| 00:08:42 |
Unidentified Speaker, -
THERE WERE TWO RISKS, ONE IS INFLATION HAVING BEEN A PUBLIC MARKET FOR AN UNCOMFORTABLY LONG TIME NOW. IT WILL BE DIFFICULT TO BRING IT DOWN. ON THE...
|
| 00:10:13 |
Unidentified Speaker, -
TOWARD SOME TIGHTENING. >> I THINK THERE ARE OTHER FACTORS THAT DAVID POINTED TO WHICH LED A MAJORITY OF
|
| 00:10:23 |
Unidentified Speaker, -
COMMITTEE MEMBERS TO MAKE NO CHANGE. WE DO NOT NEED TO SET POLICY IN ADVANCE. >> DO YOU THINK THAT THE BUDGET MAY BE RISK OF A DOUBLE DIGITS -- A DOUBLE...
|
| 00:10:43 |
Unidentified Speaker, -
LIKELY? >> THE COMMITTEE DOES NOT ASSESS THE IMPACT OF ONLY ONE MEASURE. I WILL SAVE THE
|
| 00:10:51 |
Unidentified Speaker, -
ECONOMICS OF THAT FOR THE COMMITTEE. THE AIM OF THAT WAS TO TRY TO DEAL WITH SOME OF THE DOWNSIDE RISKS THAT MIGHT HAVE ARISEN HAD WE NOT SET OUT A...
|
| 00:11:42 |
Unidentified Speaker, -
THERE HAS BEEN A CHANGE IN GOVERNMENT. THERE WAS A
|
| 00:11:57 |
Unidentified Speaker, -
FULL COALITION AGREEMENT BETWEEN THE TWO PARTNERS AND ONE OF THE COALITION PARTNERS IS A DEMOCRAT TO. AROUND THE 14TH OF MAY, THE DEPUTY PRIME MINISTER...
|
| 00:13:00 |
Unidentified Speaker, -
WAS ON A THURSDAY AND THE RESULTS WERE ON A FRIDAY. LATER THAT WEEKEND, THERE WAS THE EUROPEAN ASSAAD--- THE EUROPEAN SABAGA. ON WEDNESDAY, THERE WAS...
|
| 00:14:00 |
Unidentified Speaker, -
DID YOU FEEL COMFORTABLE BEING DRAWN
|
| 00:14:03 |
Unidentified Speaker, -
IN TO SENSITIVE MATTERS
|
| 00:14:07 |
Unidentified Speaker, -
ARE AROUND THAT TIME? DID YOU FEEL COMFORTABLE WITH THE DEPUTY PRIME MINISTER CITING THIS CONVERSATION WITH U.S. ONE OF THE PRIMARY FACTORS IN CHANGING...
|
| 00:14:31 |
Unidentified Speaker, -
HE ASKED FOR ME TO EXPRESS MY VIEWS IN PUBLIC. I DID THAT AT THE PRESS CONFERENCE. I WAS ASKED IF I WOULD ACCEPT A TELEPHONE CALL FROM THE DEPUTY PRIME...
|
| 00:14:57 |
Unidentified Speaker, -
THAT I DID NOT SAY IN PUBLIC. I TRY TO MAKE SURE THAT THE
|
| 00:15:03 |
Unidentified Speaker, -
ADVICE I GIVE -- >> LET ME ASK ABOUT DEMAND. THERE IT'S BEEN A LOT OF A DEBATE ABOUT
|
| 00:15:20 |
Unidentified Speaker, -
THE FIGURES ARE RELATED TO THE PRIVATE SECTOR'S ABILITY TO CREATE JOBS. DEPENDING ON WHAT WAY -- >> THERE ARE TWO PARTS TO THIS. ON PUBLIC-SECTOR EMPLOYMENT,...
|
| 00:16:45 |
Unidentified Speaker, -
THINK THEY SHOULD QUIT THEIR PROGRAM OF FISCAL CONSOLIDATION? >> IT DEPENDS ON HOW SLUGGISH IT IS. THE FIRST RESPONSE WOULD BE THAT THE AUTOMATIC STABILIZERS...
|
| 00:16:58 |
Unidentified Speaker, -
THEY WILL REFLECT HOW STRONG OR WEAK GROWTH IS. THE STRONGER THE DEFICIT, -- IT IS UP TO THE MONETARY POLICY COMMITTEE TO RESPOND. OTHER THINGS BEING...
|
| 00:18:57 |
Unidentified Speaker, -
YOU SAID IT WAS A VERY DIFFICULT DECISION WHEN YOU START ADDING. WHAT CONCERNS DO YOU HAVE AROUND THE PROPOSITION ITSELF? DO YOU WORRY THAT IT WILL SET...
|
| 00:19:48 |
Unidentified Speaker, -
WAS NO DOUBT ABOUT THE DIRECTION OF THESE THINGS. WE COULD WORK THROUGH A RANGE OF CHANNELS. YOU GET TO A POINT -- THAT IS TRICKY. WHEN YOU CHANGE THE...
|
| 00:20:44 |
Unidentified Speaker, -
THAT WOULD BE A STARTING POINT. WE ARE SETTING UP A
|
| 00:20:57 |
Unidentified Speaker, -
PROCESS WHERE WE NEED INTEREST RATES TO BE CHANGED FIRST WHEN IT COMES TO CHANGING POLICY. >> THAT IS REGARDLESS OF THE IMPACT ON THE PUBLIC PURSE?...
|
| 00:21:24 |
Unidentified Speaker, -
WE WOULD NOT WANT TO DO SOMETHING THAT WOULD CAUSE VOLATILITY.
|
| 00:21:34 |
Unidentified Speaker, -
WE WILL TALK TO THE DEBT MANAGEMENT OFFICE. THE IMPACT ON THE ECONOMY COMES PRIMARILY IF THE IMPACT ON THE COMMUNITY ITSELF. TO GENERATE THE RIGHT LEVEL...
|
| 00:22:14 |
Unidentified Speaker, -
ARE YOU CONCERNED ABOUT THE LACK OF SPECIFIC PARLIAMENTARY SCRUTINY ON THIS ENORMOUS PROGRAM, WHICH IS ESSENTIALLY AN EXPERIMENT? >> YOU CAN QUIZ US...
|
| 00:22:38 |
Unidentified Speaker, -
THIS IS A MISUNDERSTANDING ABOUT THE NATURE OF PROFITS.
|
| 00:22:49 |
Unidentified Speaker, -
THE TAXPAYERS SHOULD LOOK AT THE COMBINED EFFECTS OF THOSE TAKEN TOGETHER. IT IS A PERFECTLY STANDARD MONETARY OPERATION. YOU ARE INJECTING MONEY INTO...
|
| 00:24:26 |
Unidentified Speaker, -
WILL LEAD TO HIGHER INFLATION. THAT WHEN IT COMES BACK TO THE OVERALL JUDGMENT. THERE IS A VERY SUBSTANTIAL CONTRACTION, WHICH WAS PULLING DOWN THE MONEY...
|
| 00:25:29 |
Unidentified Speaker, -
I DO NOT THINK SO. INFLATIONARY EXPECTATIONS WILL
|
| 00:25:37 |
Unidentified Speaker, -
REFLECT MONETARY POLICY. THE REASON WHY WE WOULD BEGIN WITH THAT RATE AND THEN MOVE ONTO A PROGRAM IS BECAUSE WE DO NOT THINK IT WOULD BE SENSIBLE ...
|
| 00:26:44 |
Unidentified Speaker, -
IS IT TOO HIGH >> THAT IS JUST A MATTER FOR YOU AND THE CHANCELLOR TO DEBATE. I WILL
|
| 00:27:00 |
Unidentified Speaker, -
SAY THAT THE PRINCIPLE FOR THE MEDIUM TO LONG TERM INSTRUMENT SEEMS TO BE SENSIBLE BECAUSE WHAT IT IS TRYING TO DO IS TO PROVIDE AN INCENTIVE FOR BANKS...
|
| 00:27:46 |
Unidentified Speaker, -
SHOULD WE BE MOVING AWAY FROM A SITUATION OR SO MUCH RELIANCE IS PLACED ON INFLATION? >> I THINK THERE IS A PROBLEM IN TRYING TO CHANGE THE TARGETS OF...
|
| 00:28:05 |
Unidentified Speaker, -
A WIDE RANGE IN GENERAL. IT MAKES SENSE FOR SOME ELEMENT THAT WE SHOULD ENTER A MEASURE OF CONSUMER PRICES. IT IS A BIT OF AN ANOMALY. THAT IS NOT QUITE...
|
| 00:28:54 |
Unidentified Speaker, -
FOR THE MEASURED LEVEL OF PRICES. >> I AM QUITE CAUTIOUS ABOUT THE WAY THAT UNOCCUPIED PRICE HOUSES ARE BROUGHT
|
| 00:29:10 |
Unidentified Speaker, -
INTO THE INFLATION RANGE. THE WAY YOU DO THAT IS QUITE IMPORTANT. AS WELL AS THE CONSUMPTION ACTIVITY. YOU HAVE TO GET THE CARDS RIGHT. I HAVE BEEN...
|
| 00:29:46 |
Unidentified Speaker, -
EARLIER. YOU TALKED ABOUT HOW IT AFFECTS MONEY SUPPLY. CLEARLY WITH $200 BILLION, 150 BILLION IS WHAT THE U.K. GETS. THAT COULD HAVE AN EFFECT ON BUSINESS...
|
| 00:30:39 |
Unidentified Speaker, -
HOW THAT THE FIX THE ECONOMY GOES TO A VARIETY OF CHANNELS. YOU CAN RAISE ASSET PRICES AND DIVERSIFY INTO OTHER ASSETS SO THEY MIGHT BE BUYING CORPORATE...
|
| 00:32:40 |
Unidentified Speaker, -
ARE YOU ABOUT INTEREST RATES AND THEIR CONNECTION TO HOUSEHOLDS? >> ONE THING WE DID -- -- ONE THING WE SHOULD FEEL MORE CONFIDENT ABOUT COMPARED
|
| 00:32:55 |
Unidentified Speaker, -
TO 1990 IS HOUSEHOLDS BY AND LARGE BEEN ABLE TO SERVICE THEIR MORTGAGES. IT WAS MORE DIFFICULT IN THE 1990'S WHEN INTEREST RATES WENT TO A VERY HIGH...
|
| 00:33:51 |
Unidentified Speaker, -
PEOPLE ARE NOT SAVING. [INAUDIBLE] D.C. THAT IS A PROBLEM IN THE FUTURE? -- DO YOU SEE THAT AS A PROBLEM IN THE FUTURE? >> THERE ARE OTHER ASPECTS OF...
|
| 00:34:25 |
Unidentified Speaker, -
I THINK THE ISSUE AS A WHOLE, WHICH IS OUR HOUSEHOLDS ABLE TO BUILD UP A LEVEL OF SAVINGS APPROPRIATE TO THE LENGTH OF TIME WE SHOULD REASONABLY EXPECT...
|
| 00:35:38 |
Unidentified Speaker, -
SMALL BUSINESSES ARE FINDING IT INCREDIBLY DIFFICULT. DO YOU SEE ANY IMPACT AT THE BANKING SYSTEM AT THE LOWER LEVELS AND HOW THAT WILL AFFECT THE RECOVERY...
|
| 00:36:20 |
Unidentified Speaker, -
THERE IS A 20% FALL IN INVESTMENT. THERE IS NO DOUBT THAT THE DIFFICULTIES, AND TRYING TO REDUCE THEIR BALANCE SHEETS QUICKLY TO IMPROVE CAPITAL POSITIONS,...
|
| 00:38:23 |
Unidentified Speaker, -
BANK CALLED FOR FISCAL TIGHTENING. THE CHAIRMAN OF THE FEDERAL RESERVE SAID SUPPORT WAS NECESSARY. [INAUDIBLE] IS IT SOMETHING MUCH DEEPER? >> I THINK...
|
| 00:38:54 |
Unidentified Speaker, -
NORTH AMERICA -- THEN EUROPE. WE DO NOT HAVE THE LUXURY OF THE U.S. WHICH HAS THE ABILITY TO BORROW FROM THE REST OF THE WORLD. THERE IS A REAL DIFFERENCE....
|
| 00:40:00 |
Unidentified Speaker, -
I WAS VERY STRONG ON THE MONETARY POLICY. YOU DID GO AS FAR AS TO SAY THAT [INAUDIBLE] I ASSUME THERE IS A TREND OF OPINION THAT THIS MAY BE AN ACTION...
|
| 00:40:45 |
Unidentified Speaker, -
COMMITTEE HAD DECIDED NEITHER TO EXTEND THE STIMULUS NOR WITHDRAW IT. WHETHER IT WILL BE TRUE AT THE NEXT MEETING OR SUBSEQUENT MEETINGS, TIME WILL TELL....
|
| 00:41:27 |
Unidentified Speaker, -
INAPPROPRIATE [INAUDIBLE] >> THERE ARE BIG RISKS ON EITHER SIDE AND THE MOST LIKELY
|
| 00:41:42 |
Unidentified Speaker, -
OUTCOME WITH WORDS BEING CRYSTALIZED. IT DEPENDS ON HOW MUCH WEAKER INFLATION PRESSURES WILL BE. IT WOULD BE APPROPRIATE TO LOOSEN MONETARY POLICY, I...
|
| 00:42:17 |
Unidentified Speaker, -
IMPORTANT. [INAUDIBLE] THE RAPID DETERIORATION AMONG CONSTITUENCIES OF HOUSEHOLDS OF SAVERS AND INVESTORS MY UNDERSTANDING IS AN OVERWHELMING MAJORITY...
|
| 00:43:02 |
Unidentified Speaker, -
TO INDIVIDUALS NEVER WOULD. I SHARE THE VIEW THAT WE ARE IN UNCHARTED WATERS AND THERE IS UNCERTAINTY ABOUT WHERE THINGS WILL GO. THE KEY POINT BEHIND...
|
| 00:44:52 |
Unidentified Speaker, -
THE SMALL AND MEDIUM ENTERPRISE BUSINESSES. THE TWO BIG EMPLOYERS IN MY CITY ARE ALL IN THE PUBLIC SECTOR, HOSPITAL, UNIVERSITY, THE MAJORITY OF THE...
|
| 00:46:16 |
Unidentified Speaker, -
THE MONETARY RESPONSE THAT WE CAN MAKE HELPS THE PARTICULAR CHALLENGES FOR SMALL AND MEDIUM-SIZED ENTERPRISES. WE CAN PROVIDE A DEGREE OF MONETARY STIMULUS...
|
| 00:48:08 |
Unidentified Speaker, -
THAT THEY WOULD LEND AT GIVEN LEVELS. I THINK THE COMMITTEE WAS SKEPTICAL ABOUT IT. THE BANK SAID THEY WOULD DO WITH. -- WOULD DO IT. IT WAS CLEAR THERE...
|
| 00:49:29 |
Unidentified Speaker, -
AGREEMENTS ARE NOW SPECIFIED IN TERMS OF GROSS LENDING AND THOSE WILL NOT BE EFFECTIVE BECAUSE WHAT MATTERS IS NET LENDING. WHAT CAN WE DO? I THINK WE...
|
| 00:52:00 |
Unidentified Speaker, -
AVAILABLE APART FROM STATE-OWNED BANKS TO THE GOVERNMENT WAS TO ACT. YOU THEREFORE BARRED RULING OUT THE PROSPECT OF PROFIT TAX. >> IT IS NOT FOR ME TO...
|
| 00:52:31 |
Unidentified Speaker, -
INSTRUMENTS. WHAT'S THE QUESTION IS WHAT IS THE INSTRUMENT. I DO NOT
|
| 00:52:36 |
Unidentified Speaker, -
PERSUADE OR DISCOURAGE THE BANKS TO CHANGE THE JUDGMENT ABOUT THE AMOUNT OF MONEY THEY'RE WILLING TO LEND. I AM HAPPY TO LEAVE IT TO YOU. >> [INAUDIBLE]...
|
| 00:52:51 |
Unidentified Speaker, -
COMING UNDER THE SCRUTINY AND WE ARE
|
| 00:53:29 |
Unidentified Speaker, -
AGREEING AROUND THE TABLE. >> WE ENCOURAGE THEM TO GET OUT OF LONDON AND GO TO THE COUNTRY AND SEE WHAT IS HAPPENING. THE
|
| 00:53:43 |
Unidentified Speaker, -
THING THAT MAKES THEM ANGRY IS THERE ARE BUSINESSES THAT ARE OFTEN OWNED OVER MANY GENERATIONS AND THEY ARE TRYING TO MAINTAIN LONG-TERM RELATIONSHIPS...
|
| 00:55:36 |
Unidentified Speaker, -
IS THERE ANY EVIDENCE THAT WOULD HELP SUPPORT THE INSTRUMENTS IN PLACE FOR REGULATION? DID YOU HAVE TRANSPARENT EVIDENCE OF WHAT IS GOING ON TO HELP...
|
| 00:56:17 |
Unidentified Speaker, -
INCREASING COMPETITION WITHIN THE BANKING SECTOR, PROMOTING NEW ENTRY, ALTERNATIVE SOURCES OF FINANCE, THESE ARE THINGS THAT CAN HELP THROUGH IT. >>...
|
| 00:56:49 |
Unidentified Speaker, -
IN TERMS OF EMERGING ECONOMIES GROWING MORE QUICKLY AND MORE DEVELOPED ECONOMIES BEING SLUGGISH, WHAT IS THE SHAPE OF THE WORLD? >> YOU EXPECT EMERGING...
|
| 00:57:13 |
Unidentified Speaker, -
THAT WOULD BE THE NATURAL PROGRESSION. IT IS WHEN THE CRISIS HITS WHERE EVERY COUNTRY OF THE WORLD SUFFERS A LACK OF CONFIDENCE AT THE SAME TIME. THERE...
|
| 00:58:13 |
Unidentified Speaker, -
EACH OF THESE COUNTRIES HAS ITS OWN INDIVIDUAL SCENARIO. CHINA HAS A MUCH MORE DIRECT COMMAND. >> THE CONFIRMATION OF THAT GROWTH PLUS THE
|
| 00:58:52 |
Unidentified Speaker, -
DIFFICULTIES AND OTHER AREAS [INAUDIBLE] COULD USE THE PROBLEMS? >> THE PROBLEM WITH THE U.K. IS THE AREA OF GROWING QUICKLY AS EXPORTS.
|
| 00:59:15 |
Unidentified Speaker, -
A STRONG EXPORT MARKET. HALF OF THOSE EXPORTS GO TO EUROPE. WE HAVE NOT HAD A STRONG OF PRESENCE IN PLACES LIKE CHINA AND OTHER EMERGING COUNTRIES. THAT...
|
| 00:59:47 |
Unidentified Speaker, -
ON STARLING BEING DOWN AGAINST MAJOR CURRENCIES. WHAT IS YOUR VIEW OF THE IMPACT ON THE ABILITY OF THE U.K. TO EXPORT? >> IT TAKES SOME TIME TO BE QUITE...
|
| 01:00:09 |
Unidentified Speaker, -
IT TOOK MANY YEARS TO HAVE ANY EFFECT ON U.K. EXPORTS. IT IS DIFFICULT TO ENSURE THAT PROPERLY. WE SHOULD BE STARTING TO SEE IT NOW. WE THINK PARTICULARLY...
|
| 01:01:00 |
Unidentified Speaker, -
MARGIN TO ENCOURAGE BUSINESSES TO REDUCE THE PRICE OF EXPORTS BASED ON THE FIGHT WITH SOME OF THE MARKET. >> IT SHOULD BE UP TO THEM. [INAUDIBLE] >>
|
| 01:01:22 |
Unidentified Speaker, -
I AM TOLD WE ARE RUNNING LATE SO WE HAVE TO MOVE QUICKLY. I MUST MAKE THE OBSERVATION THAT YOUR
|
| 01:01:33 |
Unidentified Speaker, -
COMMENTS ON THINKING REINFORCE MY JUDGMENT THAT STRIPPING RETELL FROM INVESTMENT-BANKING IS THE ONLY OPTION. ON PAGE 45 OF THE INFLATION REPORT WHICH...
|
| 01:03:05 |
Unidentified Speaker, -
I CANNOT JUDGE WHO DECIDED WHEN ABOUT THEIR ATTITUDES FOR THE FISCAL POLICY. YOU WILL HAVE TO ASK PEOPLE ABOUT THAT. I HAVE A COMMENT THAT THE PRESS...
|
| 01:03:41 |
Unidentified Speaker, -
PUBLIC -- >> FISCAL POLICY IS SET OUT CLEARLY DOES SHOW THE ENDING OF THE HORIZON TO WHICH IT DEMONSTRATES THE RATIO OF
|
| 01:03:52 |
Unidentified Speaker, -
DEBT TO GDP BEGINNING TO TURN DOWN. >> YOU HAVE YOUR FOOT ON THE ACCELERATOR. THAT COULD RESULT IN
|
| 01:04:08 |
Unidentified Speaker, -
US GOING AROUND IN CIRCLES. WHAT DO YOU THINK THE IMPACT WOULD BE OF THE FISCAL CONSOLIDATION OF THE PRIVATE SECTOR AND HOW FAST WILL IT BE ABLE TO RECOVER?...
|
| 01:04:39 |
Unidentified Speaker, -
THEY HAVE TAKEN THE POSITION AND THAT IT CAN BE POSITIVE AND NOT THAT FAR AWAY FROM OUR TREND BUT IT WILL TAKE A LONG TIME TO GET BACK TO THE CAPACITY....
|
| 01:05:56 |
Unidentified Speaker, -
WHY IS IT SO UNCERTAIN? >> WE KNEW WHAT HAPPENED TO DEMAND. IT HAS FALLEN A LONG WAY. IT IS BELOW WHERE IT WOULD HAVE
|
| 01:06:12 |
Unidentified Speaker, -
BEEN IF IT CONTINUED. IT IS GOOD TO KNOW WHAT HAPPENED TO THE SUPPLY SIDE OF THE COMPANY. IT IS VERY DIFFICULT TO SEE THE WHOLE FACTORY STATE) -- CLOSING....
|
| 01:07:01 |
Unidentified Speaker, -
IT IS NOT THE MOST LIKELY OUTCOME BUT THE WORRY IS HIGH
|
| 01:07:12 |
Unidentified Speaker, -
INFLATION COULD HAVE THE POTENTIAL FOR A LONG TIME BEEN BUILT INTO EXPECTATIONS OF WHAT THE FUTURE MIGHT LOOK LIKE WHICH IS THEN REFLECTED. I BELIEVE...
|
| 01:08:16 |
Unidentified Speaker, -
ABSOLUTELY. A BAD AND DIFFICULT SITUATION
|
| 01:08:25 |
Unidentified Speaker, -
FOR THE COUNTRY WOULD BE ONE WHERE PEOPLE CAME TO BELIEVE THAT INFLATION WAS CONSISTENTLY SET ABOVE THE TARGET LEVEL AND IS BILLED AND TO BEING REENFORCING....
|
| 01:08:59 |
Unidentified Speaker, -
I THINK THE QUESTION WOULD BE WHY IMMIGRATION WOULD BE FALLING AND IF THAT IS BECAUSE
|
| 01:09:08 |
Unidentified Speaker, -
THERE IS A DEGREE OF SLACK IN THE LABOR MARKET DENIGRATION BEING LOWER THAN YOU MIGHT THINK A FEW YEARS AGO, I THINK IT IS ACTUALLY RESPONDING TO THE...
|
| 01:09:33 |
Unidentified Speaker, -
NECESSARY? >> IT IS NOT A QUESTION OF MONEY POLICY TO BE HONEST. THE LABOR MARKET AND THE
|
| 01:09:48 |
Unidentified Speaker, -
U.K. HAS WORKED PRETTY WELL BECAUSE WE HAVE SEEN A RISE IN UNEMPLOYMENT IN THE U.K. WHICH IS PROBABLY A LOT LESS THAN MOST ECONOMISTS WOULD HAVE EXPECTED...
|
| 01:10:39 |
Unidentified Speaker, -
IS THERE A DANGER WE ARE OVERLOOKING THE CHINESE ECONOMY? >> I WOULD NOT SINGLE OUT CHINA. THERE ARE A NUMBER OF ECONOMISTS. THE BIGGEST FOR IN THE...
|
| 01:11:06 |
Unidentified Speaker, -
GERMANY, JAPAN, CHINA. THAT REQUIRES PEOPLE TO RUN A TRADE DEFICIT. COUNTRIES LIKE SPAIN. THAT CANNOT GO ON. WE ARE ADJUSTING. IT CANNOT CONTINUE BASED...
|
| 01:12:21 |
Unidentified Speaker, -
0.1% TO 2.0% UP TO 4.3%. THE REDUCTION IN THE STRUCTURAL DEFICIT IS PREDICATED PARTLY ON THE TAX REVENUES THAT THE INCREASE WILL BRING IN. HOW REALISTIC...
|
| 01:13:01 |
Unidentified Speaker, -
STARTED IN 1997, WE WERE TALKING ABOUT THE INFLATION TARGET BEING COMPLETELY COMPATIBLE WITH EARNINGS INCREASES OF ABOUT 4.5%. WHAT IS INTERESTING IS...
|
| 01:14:41 |
Unidentified Speaker, -
INADEQUATE DATA WE HAVE ON MIGRATION BOTH IN TERMS OF WHEN NUMBERS ARE COMING IN. ONE EXPLANATION FOR UNEMPLOYMENT RAISING LESS THAN WE EXPECTED INCREASE...
|
| 01:15:54 |
Unidentified Speaker, -
INFLATION HAS BEEN ABOVE TARGET FOR 41 OF THE 50 MONTHS. YOU SIT WE CAN COME UP WITH CLEVER REASONS TO EXPLAIN THAT YOU BUT SOME PEOPLE SAY THAT INFLATION...
|
| 01:16:31 |
Unidentified Speaker, -
WE ARE AT THE POINT WHERE WE HAVE TO THINK ONE OR TWO YEARS AHEAD. THE ECONOMY COULD BE WEAKER. I CERTAINLY FEEL THAT PEOPLE EXPERIENCE INFLATION AND...
|
| 01:17:10 |
Unidentified Speaker, -
POINT AT WHICH PEOPLE WILL SAY INFLATION SEEMS HIGHER THAN IT USED TO BE? >> LOOKING
|
| 01:17:20 |
Unidentified Speaker, -
BACK, I THINK THEY COULD MAKE THAT OBSERVATION. THE QUESTION IS HOW
|
| 01:17:27 |
Unidentified Speaker, -
DOES THAT AFFECT THEIR BEHAVIOR IS GOING FORWARD? INFLATION IS PETITIONS WERE PUSHED DOWN AFTER THE INITIAL SHOCK OF LAST YEAR AND THEY HAVE COME BACK...
|
| 01:18:10 |
Unidentified Speaker, -
NOT UNDERESTIMATING INFLATION WITH QUANTITATIVE EASING? >> WE CANNOT BE CONFIDENT ABOUT ANYTHING. INFLATION IS ON THE UPSIDE.
|
| 01:18:22 |
Unidentified Speaker, -
IT HAS BEEN CONSISTENTLY IN THE RECENT PAST. C OIL PRICES ARE SUBSTANTIALLY HIGHER FROM WHERE THERE WERE TWO YEARS AGO. AFTER OUR INITIAL ASSESSMENTS...
|
| 01:20:27 |
Unidentified Speaker, -
QUANTITATIVE EASING? >> WE CANNOT BE SURE. THERE IS NO WAY YOU CAN BE SURE.
|
| 01:20:35 |
Unidentified Speaker, -
THE ONLY THING YOU CAN DO IS MAKE THE JUDGMENT WITH THE INFORMATION WE HAVE AVAILABLE ABOUT POLICY ACTIONS. THE IMPACT THAT WE TALKED ABOUT EARLIER AND...
|
| 01:21:34 |
Unidentified Speaker, -
WE WILL TAKE A SHORT BREAK NOW FOR EIGHT MINUTES AND START AGAIN SOON. >> WE WILL TRY TO KEEP THIS SESSION BRIEF.
|
| 01:21:55 |
Unidentified Speaker, -
I HOPE WE CAN FINISH BUT THE CLOCK 30 -- BY 5:30. IN ORDER TO UNDERSTAND HOW THIS NEW SYSTEM WILL WORK, BUT THE BANK TELLS THE TREASURY TODAY THAT WE...
|
| 01:22:47 |
Unidentified Speaker, -
NEVER GET INTO A POSITION WHERE I WOULD BE SAYING TO THE CHANCELLOR I AM SORRY, I'VE GOT -- I FORGOT TO TELL YOU BEFORE BUT YOU HAVE TO DO SOMETHING BEFORE...
|
| 01:23:35 |
Unidentified Speaker, -
SHARE AT MEETINGS? >> NO. THAT IS EXACTLY WHAT HE SEEKS TO AVOID.
|
| 01:23:42 |
Unidentified Speaker, -
I HAD A LONG DISCUSSION WITH THE CHANCELLOR ABOUT THIS. I SAID WHAT IS THE REAL SUBSTANCE OF CONCERN? WHAT BECAME CLEAR IS TO ENSURE THE CHANCELLOR DID...
|
| 01:25:39 |
Unidentified Speaker, -
CONSEQUENCE OF THE ADDITION OF THESE RESPONSIBILITIES. WHAT ASSURANCE CAN YOU GIVE US AND THE PUBLIC THAT ACCOUNTABILITY WILL FLOURISH IN THE DEMOCRACY?...
|
| 01:26:03 |
Unidentified Speaker, -
AND THAT ALL OF THE DECISIONS WILL BE TAKEN BY COMMITTEES OR GROUPS OF PEOPLE. FPC, PRA, IT WILL NOT BEAT ME BUT THOSE BODIES. THE INSTITUTION WILL INDEED...
|
| 01:27:58 |
Unidentified Speaker, -
THE MONETARY POLICY COMMITTEE DECIDES TO TAKE CREDIT? >> WE DON'T LISTEN OR TOLERATE THE SAME INSTRUMENTS. WHAT WE SAW WAS
|
| 01:28:16 |
Unidentified Speaker, -
THE FAILURE OF HAVING ONLY ONE INSTRUMENT BECAUSE [INAUDIBLE] TO ENSURE THERE WAS A BALANCE BETWEEN SUPPLY AND DEMAND. WHAT WE SAW WAS AN UNSUSTAINABLE...
|
| 01:29:26 |
Unidentified Speaker, -
I DON'T THINK SO. [INAUDIBLE]
|
| 01:29:33 |
Unidentified Speaker, -
THAT MAY WELL MAKE IT POSSIBLE FOR THE MONETARY POLICY COMMITTEE TO TAKE A DIFFERENT DECISION. [UNINTELLIGIBLE] I DON'T THINK -- THE IDEA THEY WILL BE...
|
| 01:30:06 |
Unidentified Speaker, -
SKY-I WILL NOT BE MAKING THE DECISIONS. WE HAVE A TRACK RECORD OF
|
| 01:30:15 |
Unidentified Speaker, -
THAT -- IT IS ONLY CHAIRED. >> WE WILL RETURN TO THIS ISSUES SHORTLY. >> IN
|
| 01:30:39 |
Unidentified Speaker, -
ADDITION TO THESE NEW BODIES, [INAUDIBLE] [INAUDIBLE]
|
| 01:30:45 |
Unidentified Speaker, -
WE TOUCHED ON THAT EARLIER. THESE STRUCTURES ARE VERY DIFFERENT. HOW DO WE NEGOTIATE [INAUDIBLE] HOW WILL THAT FUNCTION? >> [INAUDIBLE]
|
| 01:31:14 |
Unidentified Speaker, -
I WOULD EXPECT TO BE ON THAT. THAT WILL BAIT DISCUSSING THE RISKS, SIMILAR TO THE DISCUSSIONS WE WERE HAVING NATIONALLY. -- WHEN IT COMES TO REGULATION...
|
| 01:33:24 |
Unidentified Speaker, -
ARE YOU HAVE PAID THE BANKS -- [INAUDIBLE] TO THE EXTENT THEY NEED TO [INAUDIBLE] >> HAVE A HAS NEVER BEEN A WORD USED.
|
| 01:33:47 |
Unidentified Speaker, -
IN THE NUMBER OF MEETINGS AND FREQUENCY OF THEM IS A MASSIVE PROGRAM -- NOT JUST AT THE EUROPEAN LEVEL, BUT THE INTERNATIONAL LEVEL. MY CONCERN WILL...
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| 01:34:41 |
Unidentified Speaker, -
THE BANK DID NOT BLOW THE WHISTLE. WHY DO YOU THINK YOU CAN DO BETTER THAN THAT NOW? >> WE DID [INAUDIBLE]
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| 01:35:07 |
Unidentified Speaker, -
BOTH WITHIN THE BANKING SYSTEM AND THE SHADOW BANKING SYSTEM. [INAUDIBLE] THERE WAS A LACK OF A SYSTEMWIDE PERSPECTIVES. I DON'T THINK THERE WAS A LACK...
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| 01:36:56 |
Unidentified Speaker, -
THIS IS A QUESTION FOR [INAUDIBLE] [INAUDIBLE] HOW WILL YOU BE TAKING [INAUDIBLE] >> THAT IS A MISUNDERSTANDING. ONE OF THE THINGS I DID WHEN I WAS APPOINTED...
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| 01:37:33 |
Unidentified Speaker, -
ASK [INAUDIBLE] THE DAY YOU START TO BUILD A MARKET INTELLIGENCE FUNCTION. I WOULD LOOK CAREFULLY AT THE WAY THE NEW YORK FED OPERATED. IT WAS A VERY...
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| 01:39:17 |
Unidentified Speaker, -
THAT THIS OF QUIPS THEM WITH EXTRAORDINARY [INAUDIBLE] [INAUDIBLE] EVERY OTHER SIGNIFICANT GOVERNMENT AGENCY. THE THE NEW YORK FED [INAUDIBLE] ABOUT RECONNECTING...
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| 01:40:22 |
Unidentified Speaker, -
IN THE LONG RUN IT ENHANCES OUR ABILITY TO -- OPPORTUNITIES TO MOVE AROUND. >> [INAUDIBLE] [INAUDIBLE] >>
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| 01:40:33 |
Unidentified Speaker, -
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| 01:40:38 |
Unidentified Speaker, -
THERE IS [INAUDIBLE] TO PUT MUCH
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| 01:40:59 |
Unidentified Speaker, -
MORE OF THIS ACTIVITY THROUGHOUT CENTRAL PARTY IS. ONE OF THE THINGS WE WILL DO -- POSSIBLY THROUGH EXCHANGES FOR TRADING PLATFORMS, BUT ALSO THROUGH...
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| 01:41:53 |
Unidentified Speaker, -
DETERMINED -- [INAUDIBLE] >> I HAD THE PRIVILEGE OF WORKING WITH YOUR PREDECESSOR TO STOP A RUN ON THE BANKING SYSTEM.
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| 01:42:14 |
Unidentified Speaker, -
DERIVATIVES TRADING [INAUDIBLE] IT WAS AGREED DIRECTORS OF BANKS [INAUDIBLE] MY QUESTION IS ACCOUNTABILITY. [INAUDIBLE] IT WAS APPARENT TO ME THAT HE...
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| 01:43:22 |
Unidentified Speaker, -
THERE WAS ANY SUGGESTION OF PUBLIC MONEY -- ON SATURDAY THE CHANCELLOR DECIDED NO MONEY WOULD BE MADE AVAILABLE. I WOULD BE WITH A TEAM OF PEOPLE AROUND...
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| 01:44:25 |
Unidentified Speaker, -
DODD-FRANK LEGISLATION IS AN OPPORTUNITY. IS IT AN OPPORTUNITY FOR US? >> I DON'T THINK WE SHOULD [INAUDIBLE] AS AN OPPORTUNITY FOR US TO
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| 01:44:40 |
Unidentified Speaker, -
LOWER STANDARDS. THAT WAS ONE OF THE VIEWS THAT LED TO THE CRITIC AMEND. HILLARY'S SHOULD ASK OURSELVES, WHAT IS THE RIGHT FRAMEWORK TO HAVE? THEIR...
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| 01:45:43 |
Unidentified Speaker, -
THEY TOO BIG TO FAIL PROBLEM IS A COMPLEX PROBLEM. BANKS HAVE
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| 01:45:51 |
Unidentified Speaker, -
BECOME LARGE AND GOVERNMENTS FEEL THEY HAVE TO SUPPORT THOSE BANKS. IT CANNOT BE THE SUBJECT OF ONE OR TWO SIMPLE MEASURES. WE NEED TO SEE A CHANGE IN...
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| 01:46:41 |
Unidentified Speaker, -
ME [INAUDIBLE] >> WE WILL INDEED. >> [UNINTELLIGIBLE]
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| 01:46:51 |
Unidentified Speaker, -
CAN I ASK YOU A COUPLE OF GENERAL THINGS. YOU DID NOT WANT TO EXPAND YOUR ENTIRE SO YOU COULD TAKE PART AND [UNINTELLIGIBLE] HE WAS SURPRISED BY THE...
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| 01:47:48 |
Unidentified Speaker, -
I SUPPORTED THE CHANGES THEN. IT WOULD BE GOOD TO AVOID THE REPETITION THAT CAN COME FROM MERGING BANKING SUPERVISION. I CHANGED MY MIND AFTER THE CRISIS...
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| 01:49:55 |
Unidentified Speaker, -
SINCE HE TOOK UP YOUR POST IN 2003 THAT THE IMPACT OF THE FINANCIAL CRISIS ON OUR BANKS COULD BE AVERTED? >> I THINK IT WAS GLOBAL IN NATURE. THE UNDERLYING
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| 01:50:19 |
Unidentified Speaker, -
CAUSES, THE MASSIVE CAPITAL INTO THE BANKING SYSTEM, THAT WAS STILL [UNINTELLIGIBLE] I THINK THE MASSIVE EXPANSION OF THE FINANCIAL SECTOR WOULD PROBABLY...
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| 01:50:52 |
Unidentified Speaker, -
HAVING THE FINANCIAL POLICY COMMISSION IS HAVING THE INSTRUMENTS,
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| 01:51:10 |
Unidentified Speaker, -
NOT A GROUP OF PEOPLE WHO CAN SAY CAPITAL REQUIREMENTS MUST BE HIGHER. THE INSTRUMENTS ARE TO MAKE JUDGMENTS AND IT SUDDENLY TO SAY ALL REQUIREMENTS...
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| 01:51:54 |
Unidentified Speaker, -
YOU WILL HAVE TO FORM THAT JUDGMENT. AGAINST MY
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| 01:52:07 |
Unidentified Speaker, -
WISHES, IT IS SENSIBLE TO HAVE THE AUTHORITY, BUT NOT CONSUMER PROTECTION. IT IS SENSIBLE TO HAVE A FINANCIAL POLICY COMMITTEE. IT IS SENSIBLE FOR US...
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| 01:52:56 |
Unidentified Speaker, -
THE BALANCE OF RESPONSIBILITY -- [INAUDIBLE] ARE YOU COMFORTABLE WITH THAT? >> [INAUDIBLE]
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| 01:53:11 |
Unidentified Speaker, -
1 OF THE GREAT LESSONS OF THE REFORM WAS HAVING CLARITY OF RESPONSIBILITY WAS THE KEY TO SUCCESSFUL POLICY. PUT THESE RESPONSIBILITIES IN THE BANK AND...
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| 01:54:04 |
Unidentified Speaker, -
ARE THERE ANY AREAS ARE YOU -- [INAUDIBLE] >> THIS IS SOMETHING WE COULD DISCUSS IN THE FUTURE. YOU WILL HOLD US
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| 01:54:23 |
Unidentified Speaker, -
ACCOUNTABLE, THERE WILL BE GREAT TRANSPARENCY. THE MECHANISM IS ADEQUATE, BUT NOTHING CAN WORK UNLESS IT IS CLEAR WHO IS RESPONSIBLE FOR WHAT. THE VIRTUE...
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| 01:54:59 |
Unidentified Speaker, -
THEY ARE DISCUSSED NOT JUST IN THE WAKE OF THE PROCESS, BUT WHEN THINGS ARE CALMER. AFTER MONTHS OF BANKS HAVE FAILED. HOW ELSE COULD THIS HAVE BEEN AVOIDED?...
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| 01:55:39 |
Unidentified Speaker, -
IT SETS OF THE AUTHORITY IN PEACE TIME TASK IN CRISIS. DO YOU THINK THE DIVISION OF RESPONSIBILITY HAVE SUFFICIENT CLARITY? >> [INAUDIBLE]
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| 01:56:02 |
Unidentified Speaker, -
4 IT IS IMPORTANT WE KNOW IN ADVANCE HIS ATTITUDE TOWARD THE USE OF PUBLIC MONEY. THE RESPONSIBILITY IS FAIR AND SQUARE. >> [INAUDIBLE]
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| 01:56:40 |
Unidentified Speaker, -
IT IS PRETTY STRAIGHTFORWARD. THERE MIGHT BE DIFFERENT COMPONENTS IN THE BANK. [INAUDIBLE] >> THE COMPOSITION OF THE BOARDS AND COMMITTEES WILL PREVENT...
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| 01:57:08 |
Unidentified Speaker, -
WILL BE PRESENT. THERE IS ENOUGH THERE THAT IT IS IMPORTANT -- THOSE APPOINTMENTS WILL BE MADE IN DUE COURSE. NEITHER WILL EXIST IN STATUTORY FORM UNTIL...
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| 01:58:09 |
Unidentified Speaker, -
TO COME IN THE MIDDLE OF THE DEVELOPMENT PROCESS. >> WHEN YOU HAVE A BANK LIKE
|
| 01:58:24 |
Unidentified Speaker, -
THAT. WHO IS MONITORING IT? HOW WILL WE HAVE THAT KIND OF FAILURE DEALT WITH IN A MORE APPROPRIATE WAY? >> IT DID NOT BUBBLE UP OVER 48 HOURS.
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| 01:58:49 |
Unidentified Speaker, -
THAT WILL BECOME PAID TO THE EXTENT -- THAT WILL BE CONVEYED. ONE OF THE THINGS HE REFERRED TO WAS ANY INDIVIDUAL INSTITUTION -- [INAUDIBLE] THAT IS...
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| 01:59:57 |
Unidentified Speaker, -
HE LEFT AS AN EMPEROR. [LAUGHTER] >> I MUST RETURN THAT TO YOU. >>
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| 02:00:15 |
Unidentified Speaker, -
I WANT TO TOUCH ON THE [UNINTELLIGIBLE] WE HAVE NEVER BEEN
|
| 02:00:29 |
Unidentified Speaker, -
PERSUADED [UNINTELLIGIBLE] I AM UNCOMFORTABLE. IT GIVES A SENSE [UNINTELLIGIBLE] IT IS NOT BIG ENOUGH. IT MIGHT BE UNFAIR ON THE MARKET'S PART OF THE...
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| 02:01:19 |
Unidentified Speaker, -
THINK MARKET CONDUCT SHOULD BE ON THE BANK OF ENGLAND. THIS IS A NATURAL ENFORCEMENT -- [UNINTELLIGIBLE] UNDERSTANDING WHAT IS GOING ON IN THE DRAWING...
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| 02:02:30 |
Unidentified Speaker, -
1 OF THE THINGS THAT WAS NOTICED, WAS THE WAY [UNINTELLIGIBLE] WHAT IS THE PROSPECT FOR THE COST TO THE INDUSTRY? BUT THE RUNNING COSTS IN THE FUTURE....
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| 02:03:43 |
Unidentified Speaker, -
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| 02:03:47 |
Unidentified Speaker, -
I WOULD BE HAPPY WITH THE AGREEMENT. FROM OUR POINT OF VIEW I WOULD
|
| 02:03:55 |
Unidentified Speaker, -
HOPE WE COULD PRODUCE COST SAVINGS BECAUSE I THINK FOCUSING ON JUDGMENTS NEEDED DOES NOT REQUIRE VAST NUMBERS OF PEOPLE. YOU NEED THE RIGHT PEOPLE WITH...
|
| 02:04:45 |
Unidentified Speaker, -
THEY WILL BE RESPONSIBLE FOR [INAUDIBLE] [INAUDIBLE] WHO IS REGULATING ONE SIDE. IS THIS A SENSIBLE WAY OF APPROACHING THIS [INAUDIBLE] WHICH IS ABOUT...
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| 02:05:58 |
Unidentified Speaker, -
THEY ARE MECHANISMS FOR DISTURBING FINANCIAL RISK. THE SYSTEMS INVOLVE HUGE AMOUNTS
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| 02:06:08 |
Unidentified Speaker, -
OF CREDIT AND THE TRANSACTIONS BRING ALL THE RISK TOGETHER. THEY DISPERSED IT AGAIN. IF EITHER OF THESE GET INTO DIFFICULTY IT WILL [UNINTELLIGIBLE] THE...
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| 02:08:12 |
Unidentified Speaker, -
QUESTIONS ABOUT [INAUDIBLE] THE PROCESS OF MOVING
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| 02:08:32 |
Unidentified Speaker, -
AWAY FROM THE FSA. [INAUDIBLE] WHICH IS [INAUDIBLE] [INAUDIBLE] DO YOU THINK THERE IS A RISK WE COULD LOSE THAT INTELLIGENCE? >> I THINK [INAUDIBLE]
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| 02:09:05 |
Unidentified Speaker, -
IS OF ENORMOUS IMPORTANCE. AND I WAS TRYING TO PERSUADE HIM HE MIGHT CHANGE HIS MIND AND SEE THIS ENORMOUS NEW CHALLENGE. WE HAVE TO WORK VERY CAREFULLY...
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| 02:09:45 |
Unidentified Speaker, -
THERE IS SOME CONCERN ABOUT TRANSITIONAL ISSUES AND CHANGE WITH QUANTITY. IS THAT A CONCERN? >> WE HAD A VERY STRONG TEAM OF PEOPLE. WE ARE PUTTING UP...
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| 02:10:20 |
Unidentified Speaker, -
IF IT IS OUR TASK TO INSURE WE RETAIN MOTIVATED TEAMS OF PEOPLE. WE HAVE TO WORK HARD ON THAT. WHAT I HAVE SEEN SO FAR DOES NOT MAKE ME WORRY WE CANNOT...
|
| 02:10:47 |
Unidentified Speaker, -
IN RELATION TO REMUNERATION. [UNINTELLIGIBLE] HOW DO YOU SEEK TO DEAL WITH THAT AS A WAY -- [UNINTELLIGIBLE] COULD SALARIES ARE ONE OF THE ATTRACTIVE...
|
| 02:11:26 |
Unidentified Speaker, -
TRANSFER WILL BE REQUIRED TO ACCEPT A D ETERIORATION. IN THE LONG RUN WE WILL HAVE TO WORK TOWARDS A HARMONIZATION. THIS GOES ALONG WITH MY VIEW THAT...
|
| 02:12:07 |
Unidentified Speaker, -
YOU MENTIONED ABOUT STATE CENTRAL BANKS AND ARE TALKING ABOUT CULTURE. IT WILL BE A DIFFERENT CULTURE. DO YOU SEE THAT AS A DIFFICULT TRANSITIONAL ISSUED?...
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| 02:12:30 |
Unidentified Speaker, -
THAT WILL INVOLVE A CHANGE OF CULTURE. THIS DOES INVOLVE INFUSING IT WITH PEOPLE WHO HAVE GREATER EXPERIENCE WITH THE INDUSTRY. IT WILL BE A CHALLENGE...
|
| 02:13:34 |
Unidentified Speaker, -
THIS IS A SUFFICIENT LEVEL OF TURNOVER. THIS IS A TRANSITION PERIOD.
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| 02:13:58 |
Unidentified Speaker, -
THERE IS A DEGREE OF OVERLAP IN THE SENSE OF HOW WE HAVE HAD TO RESPOND. THE RESPONSE TO THAT HAS BEEN OVER. THE REASON IS WHEN A BANK GETS INTO TROUBLE...
|
| 02:15:12 |
Unidentified Speaker, -
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| 02:15:16 |
Unidentified Speaker, -
THERE IS -- I AM MORE CONCERNED WITH WHAT I AM LEARNING. I DON'T THINK THIS IS A RELEVANT CONSIDERATION. I HAVE OFTEN SAID THAT IF WE NEED TO GET AN...
|
| 02:15:50 |
Unidentified Speaker, -
CONSIDERING THE STATEMENT OF NEW YORK CIVIL SERVANTS [UNINTELLIGIBLE]
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| 02:16:00 |
Unidentified Speaker, -
WHEN IT COMES TO THEIR OWN PAY, HOW ARE YOU GOING TO STOP POACHING OF SUCH PEOPLE IN FUTURE YEARS AT A TIME WHEN THEIR VALUE BECOMES INCREMENTALLY GREATER...
|
| 02:16:42 |
Unidentified Speaker, -
COMBINATION OF LOW LEVEL OF REMUNERATION. IF THAT WAS THE ANSWER OF THE STORY WE WOULD BE [UNINTELLIGIBLE] GOING WITH THAT IS A DESIRE TO WANT TO DEAL...
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| 02:17:49 |
Unidentified Speaker, -
ACCOUNTABILITY THREE TIMES IN THE LAST HOUR. TALK ABOUT TRANSPARENCY. ONE OF THE LIMITS TO TRANSPARENCY -- PARTICULARLY HISTORIC LATE? -- HISTORICALLY?...
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| 02:19:19 |
Unidentified Speaker, -
DISCUSSED. YOU WILL KNOW WHAT WERE THE ARGUMENTS WE WERE DEBATING. YOU WILL BE ABLE TO ASK US TO EXPLAIN THIS. ON THE PRA, WHAT WE CANNOT DO IS PUT INTO...
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| 02:21:48 |
Unidentified Speaker, -
PROTECTING CONFIDENTIAL ADVICE. HAVING THE ABILITY TO LOOK AT THE PAST. THAT IS PRETTY CLOSE TO THE DEBATE WHICH WAS HAD ON THE 30 YEAR RULE. THAT HAS...
|
| 02:23:21 |
Unidentified Speaker, -
TODAY. WE HAVE MANAGED TO GET BACK ON SCHEDULE. WE WILL
|
| 02:23:26 |
Unidentified Speaker, -
BE PUBLISHING OUR INQUIRY INTO THIS HUGE SUBJECT. WE WILL WANT TO SEE YOU AGAIN BEFORE WE COME TO OUR CONCLUSIONS. I KNOW YOU WANT TIME TO THINK THIS...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.