Governor Of The Bank Of England

EDM number 1233 in 1992-93, proposed by Peter Hain on 25/01/1993.

That this House has no confidence in the newly appointed governor of the Bank of England, Mr Eddie George, who has been part of the Bank's anachronistic and inefficient culture since 1962, was a senior official while the Bank failed abjectly to discharge its supervisory and regulatory responsibilities, leading to a series of banking scandals such as Johnson Matthey, Blue Arrow and, above all, BCCI which, according to the Bingham Report, the Bank knew was corrupt at least 18 months before liquidation during a time when Mr George as Deputy Governor sat on the Banking Supervision Boards; and further believes that Parliament should be invited to endorse a fresh appointment of Governor who will ensure that the Bank discharges its supervisory responsibilities in an honest and effective way to protect both the reputation of British finance and the interests of ordinary citizens.

This motion has been signed by a total of 61 MPs.