Governance of the Bank of England is "defective", according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance.
 
Andrew Tyrie said the reviews were too little, too late.
 
The reviews, commissioned by the Bank, questioned its "centralised and hierarchical" structure.
 
They also suggested the Bank paid too little attention to possible individual bank failure in 2008.
 
"The decision to commission these reviews fell well short of what was required," Mr Tyrie said.
 
"A comprehensive review should already have taken place, not just to enable the Bank to learn from its past mistakes but also to inform the legislation currently before Parliament.
 
"The fact that it took so long to obtain even these reports illustrates the Bank's defective governance."
 



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