"More robust" financial system needed

The financial infrastructure of the country needs to be ’more robust’, an expert has said.

In a recent address, Andrew Bailey from the Bank of England identified three elements to strengthening the system - ’regulation, structure and resolution’.

He said that there is ’nothing new’ about the latter, pointing out that it has been done in the past with institutions such as the National Mortgage Bank and Johnson Matthey Bankers, using Bank of England resources.

Mr Bailey was speaking to the Institute of Chartered Accountants of England and Wales’ Financial Services Faculty Breakfast, which took place in London.

He is the executive director of banking and chief cashier at the Bank of England and has been in the role since 2004, having worked at the Bank since 1985. When he first joined, he was in International Divisions.

Mr Bailey has been working on special operations within the bank since the recession started in August 2007.ADNFCR-2318-ID-19482033-ADNFCR