Policies - Banking 2010 General Election Manifesto

“You should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.” Matthew 25:27

The Christian Party believes that banking is a special area of commerce, which is essential to the well being of our economy. Key to the success of the banking system is the role of central banks. In the United Kingdom that means the Bank of England.

The Bank of England, as our central bank, principally exists to deal with four types
of crisis: liquidity, bad lending, leverage and unforeseen circumstances (i.e. when
‘good’ loans become ‘bad’ because “the day after tomorrow - it looks different to
yesterday”).

It serves no good purpose to expose High Street banks that have taken recourse
to the Bank of England as the ‘lender of last resort’ in times of crisis. Such exposure
does more harm to the bank than the original liquidity problem; driving down
the share price and - as in the case of Northern Rock - breaking the bank.

The banking system survives on confidence. High Street banks resorting to the
Bank of England for the services for which the central bank exists should not be
ruined by immediate public disclosure. Public disclosure of the approach of a
High Street bank to the Bank of England does not serve the public interest and
therefore should not happen for at least 180 days after the initial approach.

The Christian Party believe that a strong Bank of England is necessary. We
believe that the establishment of the Financial Services Authority (FSA) was
a mistake. This mistake should be rectified by abolishing the FSA’s role within
the banking sector and returning its functions and responsibilities to the Bank of
England.

Christian Party Members of Parliament will:

Christian Party Policies

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