PARLIAMENTARY EARLY DAY MOTION
GOVERNOR OF THE BANK OF ENGLAND (25 January 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.

Sponsored by:
Lord Hain (Labour)