Bank of England Governor Mark Carney announced an easing of rules for banks in need of short-term cash, taking a new approach to how the central bank will work with the City of London five years after the financial crisis.
In his first major speech on British financial regulation, Carney struck a softer tone towards banks than his predecessor Mervyn King but denied that he was “cheerleading” for them.
Carney took over the Bank in August and quickly overhauled the way it conducts monetary policy. As a former Goldman Sachs banker with deep experience as a regulator overseeing the global banking industry, British bankers had been waiting to see how he would change the central bank’s relationship with the City.
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