New BoE regulator has "really terrible memories" of 2008 crisis
By David Milliken
LONDON, Sept 12 (Reuters) - A new Bank of England regulator
said she had "really terrible" memories of her time at
Switzerland's UBS during the financial crisis and would
resist any attempt to loosen financial regulations brought in
Jill May joined the BoE's Prudential Regulation Committee
(PRC), which regulates banks, in July and was a managing
director at UBS between 2001 and 2012, during which it required
three bailouts from the Swiss government.
"Having lived through the financial crisis -- and believe me
it was a deeply shaming and searing experience -- I would always
be in favour of ensuring the highest possible global financial
standards," she told British legislators.
"I have really terrible memories," she added, saying she
recalled Swiss pensioners who had lost money on UBS shares
hurling eggs at the bank's staff.
More recently May served on a British government body which
approves company takeovers. Her term at the BoE will last until
She said she was relatively optimistic about the prospects
for Britain's financial industry after Brexit and that most
firms were well prepared, but the BoE would need to be prepared
for all eventualities.
Also speaking to parliament's Treasury Committee was another
new PRC appointee, London School of Economics law professor
Julia Black, who starts her three-year term at the central bank
on Nov. 30.
Black highlighted as potential concerns the rapid
developments in consumer-facing financial technology and the
extent to which detailed information provided to regulators
genuinely reflected the risks faced by financial institutions.
"All financial services firms face risks arising from the
highly febrile national and international political
environment," she said in written evidence. "This includes not
only Brexit, but the growing disputes in global trade and the
unpredictable nature of various countries' foreign policies."
(Reporting by David Milliken, editing by Andy Bruce)
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