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.