Global financial instability examined

Summary

The period since early August 2007 has been one of large-scale turbulence and instability in global financial markets. The unfolding crisis of confidence is important given the particular impact on the United Kingdom through the run on the Northern Rock Bank.

'Financial Stability and Transparency (HC 371)' examines the causes of the dislocation of international financial markets, subsequent developments in global financial markets and lessons learnt, as well as the prospects for international action and other developments to promote financial stability and transparency.

The Committee finds that warnings from the Bank of England and the Financial Services Authority (FSA) on the deteriorating financial situation in 2007 were not taken on board by some banks and building societies.

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Law-Making Explained

This is a House of Commons Paper (HC 371, 2007-08): it is a Report from the House of Commons Treasury Committee.

Find out more about House of Commons Papers.

How does it affect me?

If you work in the financial sector, have been affected by the nationalisation of Northern Rock or are interested in global financial issues, this affects you.