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The Treasury Committee publishes two reports on the appointments of Antony Jenkins and John Taylor to the Bank of England’s Prudential Regulation Committee (PRC).

• Read the Report: The appointment of John Taylor to the Prudential Regulation Committee (PDF 125 KB)
• Read the Report: The appointment of Antony Jenkins to the Prudential Regulation Committe (PDF 133 KB)
• Inquiry: The appointment of John Taylor to the Prudential Regulation Committee
• Inquiry: The appointment of Antony Jenkins to the Prudential Regulation Committee
• Treasury Committee

The Committee held the appointment sessions on 13 January 2021 and is satisfied that both witnesses have the appropriate professional competence and personal independence to be appointed.

The Committee made the following conclusions in regard to Mr Jenkins’ appointment:

• On his continued holding of Barclays shares, the Committee notes that Mr Jenkins had no objection to publishing the extent of his holdings and any changes. The Committee assumes that the Bank of England is satisfied that Mr Jenkins’ holding meets the requirements of its own Conflicts of Interest Code of Practice for the Prudential Regulation Committee.
• On the time that he has available for his role on the PRC, Mr Jenkins said us that he had been told that the role would require a commitment of one to two days a week. However, the Committee notes that the February 2020 candidate brief for the role of external member of the PRC says that it requires an average time commitment of 26 days a quarter, which amounts to 2 days a week. Mr Jenkins told us that his outside time commitments totalled on average two and a half days a week, divided between one day at Fannie Mae, one day at 10x Future Technologies, a quarter of a day at Blockchain and a quarter of a day at Currencies Direct. The Committee notes that Mr Jenkins said that he expects to stand down from some of his remaining outside commitments, and that if the time required for his PRC role rose to over three days a week he would struggle to maintain the role alongside his current outside commitments.

After taking into account their oral and written evidence, the Committee consents to Mr Jenkins’ and Mr Taylor’s appointments and wishes them every success in their roles.

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees