BOE’s Carney: FPC capital buffer cuts to ensure credit supply

BOE Governor is now testifying before the Treasury Select Committee, noting the following with regard to Brexit risks:

Some criticism of BOE has been extraordinary in all senses of the word

Did not pre-determine stance taken by BOE's FPC or Monetary Policy Committee on brexit risks

Important that BOE governors and chancellors can have private discussions about key issues

Would be very wary about establishing a precedent that limited free discussion with finance minister

Not in interests of financial stability that discussions with finance minister are reported in real time

Determinant of UK credit growth demand not supply

FPC capital buffer cuts to ensure credit supply

Meanwhile, Carney did not mention anything on the monetary policy in wake of the Brexit vote.