Alex Brazier

The Bank will have a bias to acting early and gradually. It expects to be adding around 1 percent to the countercyclical capital buffer on UK exposures of all banks, even before the overall threat of future losses looks high, and if threats materialise, or shrink, the Bank will reduce its expectation for capital buffers back towards the baseline level.

The thing we need to see from the funds industry, rather than us imposing it, is this greater sense of the systemic in their liquidity management.