Downing Street Says » Northern Rock

» Wednesday, March 26, 2008

Northern Rock

Asked about the Financial Standards Authority (FSA) and their report into Northern Rock, the PMS said that the Government welcomed the fact that the FSA had conducted what was a very thorough review and was taking action as appropriate.

The Treasury had been making clear that this work would help inform the wider review that was underway to strengthen the current framework for financial stability. Asked whether it encouraged the Prime Minister to get rid of the current system or replace it with something more efficient, the PMS said that it was the Prime Minister’s view that the current system had served us well over ten years. Of course we had to keep these things under review and there was a wider review underway for strengthening the current framework.

Asked if the Prime Minister was confident that the FSA could take on extra responsibilities, the PMS replied that we welcomed the fact that they had conducted this review; it was a very thorough review and they were now taking action.

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