the last six months. sonia futures as a share of the overall market have increased, but stand at only a small portion of the total. however, we are yet to see a sonia based loan. there is also a need for further progress in building required infrastructure, not just to issue, but to hold, value, and risk manage sonia based instruments. this progress is a positive sign, but the pace of progress needs to accelerate. there is much more to be done. we have a positive, market - driven plan geared towards finding ways to overcome the barriers to further transition. this is led by the sterling risk free rate working group, whose objective is to catalyse a broad - based transition to using sonia. the authorities were delighted when tushar mozaria agreed to take on the chairing of this3 and today he will speak about the group ’ s recent initiatives and plan for the rest of the year. 4 but the efforts of the uk ’ s working group, and those of the others ’ currency groups, need to be supported by actions at individual firms. if an issue is on the fpc agenda, given they are responsible for the financial www. bankofengland. co. uk / - / media / boe / files / news / 2018 / november / boe - and - fca - appoint - new - chair - of - the - sterling - risk - free - referencerates - working - group. pdf https : / / www. bankofengland. co. uk / events / 2019 / june / last - orders - calling - time - on - libor all speeches are available online at www. bankofengland. co. uk / news / speeches system as a whole, then we would generally assume it should also be on the agenda of the senior governance committees of the firms who make up that system. to make sure this was the case, the uk regulators – the pra and fca – took a decision to send a “ dear ceo ” letter to our largest banks and insurers requesting sight of their board - approved plans for managing the risks around libor cessation. the bank and fca have already responded to the individual firms involved and, this morning, we published thematic findings from the exercise. i encourage all libor users whatever their size and position in the system - to look at this : the emerging themes from the exercise apply to a wide range of firms, not just those who received our letters

eddie george : financial stability and the city the evolving role of the bank of england speech by the rt hon eddie george, governor of the bank of england, at the london chamber of commerce conference, held in london, on 13 june 2000. * * * thank you, chairman. i ’ m pleased to take part in this conference, and to share the platform this morning with gavin, but also with howard davies my long - standing partner in crime - or perhaps i should say in crime prevention. you ask me to talk about the evolving role of the bank of england, in relation to financial stability in particular, which i ’ m happy to do. in fact it is rather easier to talk confidently about our role these days since it is now more clearly defined. a remarkable thing about the earlier legislation - the 1946 bank of england act - was that it made no mention of the bank ’ s essential “ raisons d ’ etre ” - what we were there to do. it seems to have been taken for granted that everyone knew what our role was. but about a decade ago we decided to define our core purposes more precisely for ourselves, primarily for internal management reasons. we identified three core purposes. the first two : – the maintenance of monetary stability ; and – the maintenance of the stability of the financial system are key objectives of central banks pretty well everywhere. our third core purpose - the promotion of the efficiency and effectiveness of the financial system in serving the interests of the wider economy - was more unusual for a central bank, but arose from a long - standing tradition of catalytic involvement in the development of our financial system, including, in its international dimension in particular, encouragement of the role of the city. these three core purposes have been essentially carried over into the new statutory framework introduced through the bank of england act of 1998. there are certainly some very important changes in the more precise nature of the bank ’ s role. in relation to monetary stability, the bank, through its new monetary policy committee, now has independent responsibility for the operation of monetary policy and for achieving consistently low inflation as defined by the chancellor. and in relation to financial stability, responsibility for banking supervision has passed from the bank to howard at the fsa - which helps to explain why i have retained more of my hair... than... i might otherwise have done! but, notwithstanding these important changes, our core purposes remain. the memorandum of understanding between the treasury, the bank and the fsa, in particular defines