Speeches by Coghlan.

“The last time you appeared before us, you said that there may be some activities undertaken by the PSR that could move to the Bank of England. Can you tell us what they are and whether that is happening?”

“Mr Geale, from what you are saying, would you say that there is any practical difference in the day-to-day work of current PSR staff following the merger?”

“Q14. How we answer the call for justice of SEND families will be a measure of who we are. Christopher Laskaris, who was autistic, was murdered aged 24. His mother, Fiona, who is in Public Gallery, spent eight years begging authorities to protect him, but they refused because they presumed that he had mental capacity. W…”

“On the point about the terrible fight that families face, the Minister will know that I wrote to the Education Committee to pass on the testimony of 653 families from across 114 local authorities about harmful, unethical or unlawful behaviour by local authorities on SEND. These testimonies have 195 references to suicid…”

“My hon. Friend is raising incredibly important points on the distribution of funding, but does she agree that the distribution of funding during life stage is also important? [Interruption.] According to the Early Intervention Foundation, the NHS is spending £3.7 billion a year on the cost of late intervention. In theo…”

“In the 1940s, refugees fled the Nazis and built the atomic bomb; they pioneered a method of public research and development that has powered US economic dominance ever since. The EU Security Action for Europe defence bond fund offers us a similarly transformative opportunity: £20 billion invested in defence R&D cou…”

“1. If she will make an assessment of the potential merits of issuing research and development bonds of up to £20 billion.”

“Will we invest in EU SAFE defence bond fund?”

“I would be inclined to agree with you. Is it possible that all this language, including from Downing Street, about deregulating financial services has emboldened the industry to be aggressive in its requests, at the expense of the risks that you articulate? I am interested in the views of the whole panel.”

“Before I turn to Mr Jenkins, am I reflecting you correctly if I say that, in effect, we are saying that UK banks have a higher risk tolerance than EU and US banks in terms of how they appear on their balance sheets? Therefore, there is maybe a case for having stronger leverage ratios to reduce that behaviour.”

“Let me flip that on its head. You are effectively saying that UK banks have higher risk tolerance than EU and US banks.”

“If you reduce your minimum capital ratios, it is impossible to say how the banks would react, but they would likely increase their—”

“They are much closer to leverage ratios.”

“Is the bigger picture not that the banks are trying to weaken the leverage ratios? They are trying to find ways to do that. In their view, the minimum leverage ratios are too high. Would a cleaner way to address this issue not just to either say you have your leverage ratios correct, in your opinion, or slightly tweak …”

“Mr Woods, I want to come back briefly to Mr Glen’s points around sovereign debt. I take your argument on the fact that, even though this is, in effect, close to a risk-free debt that we are talking about, you are still getting losses on the bond markets. Would the Bank say that the fact we have mark-to-market accountin…”

“I am sorry, but with respect, a reduction in a dividend payment would have no impact on reserves. I understand your point that it would impact their share prices, but share prices have rocketed in recent years, and bank customers are also taxpayers.”

“Would you see the change in the behaviour of the US dollar that Mr Hall outlines as perhaps the biggest, or most concerning, indicator that we are shifting away from the US as a reserve currency, in terms of the dollar is acting less as a safe haven asset in times of crisis?”

“Governor, you recently raised concerns about the level of hedge fund borrowing in the UK gilt markets and a small number of hedge funds. Could you just briefly outline your concerns, and how much concern should we have in this area?”

“I am glad to be so popular today. Ms Oakes, talking about the scenario the Governor is outlining, could we be looking at a basket of currencies potentially being reserves? If so, could sterling be more widely used as a reserve currency, and could that actually benefit UK debt yields?”

“On the potential crisis risk, do you see the collapse of First Brands and Tricolor in the US as isolated, or could there be wider systemic problems for US companies?”