Bank Of England Access Reforms Suggest Eye On Non-Bank Financial Stability Concerns

The Bank of England’s decision to open up overnight deposits to non-banks has been welcomed as an embrace of innovation, but marks a recognition that an explosion in the use of specialist payment firms is shaking the foundations of the country’s financial stability.

On June 20, Mark Carney, the governor of the Bank of England, proposed reforms to allow non-bank payment companies to hold their funds at the central bank overnight, a capability currently limited to commercial banks.

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