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Carney breaks with King in pledge to stand behind banks

  • Bank of England Governor Mark Carney continues to remake the U.K. central bank into something more "Fed-like." In a major speech and even more major break with his predecessor at the bank, Carney makes it clear the BOE will stand behind lenders facing liquidity issues and rejects the country's antipathy towards the sector.
  • "If organized properly, a vibrant financial sector brings substantial benefits . . . The UK’s financial sector can be both a global good and a national asset ... The BOE today is the friend of resilient banks, continuous markets, and good collateral."
  • "The Bank of England’s task is to ensure that the UK can host a large and expanding financial sector in a way that promotes financial stability."
  • U.K. banks: BCS, RBS, HBC, LYG.
  • The pound (FXB) has slipped about 20 pips since the speech was released.
  • Webcast and press conference.
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