FINANCIAL STABILITY BOARD
Nicholas Soames: To ask the Chancellor of the Exchequer how much the Government contributes to the Global Financial Stability Board in (a) staff and (b) money terms. [182140]
Sajid Javid, Financial Secretary to the Treasury: The Financial Stability Board, is a separate legal entity which is currently hosted and funded by the Bank for International Settlements in Basel, Switzerland. The UK Government does not make any contributions of money or personnel towards the Board secretariat.
The Government and UK independent regulators are represented at the Board by the relevant officials. It is currently chaired by the Governor of the Bank of England.
The Financial Stability Board may decide to raise subscriptions from members in the future to cover its costs. It is for that reason that the Government amended the Financial Services and Markets Act (2000) to give the Treasury the power to direct the regulators to collect fees from the financial services industry to cover the costs of the Treasury's membership of the Financial Stability Board.
Nicholas Soames: To ask the Chancellor of the Exchequer what his policy is towards the Global Financial Stability Board; and which policy objectives he is pursuing through membership of the Board. [182141]
Sajid Javid, Financial Secretary to the Treasury: My policy, and that of all involved UK authorities, is to actively engage with the Financial Stability Board to support its work in establishing and promoting the implementation of effective regulatory, supervisory, and other financial sector policies.
The key objective in working with the Financial Stability Board lies in the creation of a stable and resilient global financial system that is best suited to providing support to the real economy.
Nicholas Soames: To ask the Chancellor of the Exchequer what assessment he has made of the recent work of the Global Financial Stability Board; and if he will make a statement. [182142]
Sajid Javid, Financial Secretary to the Treasury: The UK is very supportive of the Financial Stability Board, its work to improve the stability of the financial system and its role in coordinating national financial authorities and international standard setting bodies. We will continue to engage proactively with the Financial Stability Board as the agenda is taken forwards.