BOE gov Carney now up before the TSC.
First question off the rank is focussed on Brexit as per my preview here.
- notes movement in GBP since timing of EU referendum became clearer
- BOE has exceeded recommendations on banking reform
- bank stocks are under pressure since start of year but the cause of concerns is not the resilience of institutions
- weakness is due to concerns about returns
Shafik:
- difficult to estimate bank demands for reserves in future, issue for size of balance sheet
- expects reserves to be at higher end of 7-22% of GDP range
Both of them being questioned on size/profitability of exisiting QE but no answers of note
Meanwhile GBPUSD a tad higher at 1.4118 more on relief of no neg bombs as yet.