Bank of England appoints Rhys Phillips as the new Chief Cashier
The Governor of the Bank of England, Andrew Bailey, has announced that Rhys Phillips will be the next Chief Cashier and Director of Notes. He will take up the role on 19 October 2026.
Central banks
Monetary policy transmission via banks to firms
This Occasional Paper reviews evidence from the ChaMP Research Network on the transmission of monetary policy to firms in the euro area. Overall, transmission to firms remains effective, including during the 2022-23 tightening cycle. However, new results show that this transmission is neither uniform nor mechanical. The pass-through from policy rates and other instruments to corporate financing conditions is shaped by multiple layers of heterogeneity that may, in some cases, have aggregate implications.
Monetary policy transmission through the financial system to households
This Occasional Paper reviews evidence from the ChaMP Research Network on the transmission of monetary policy to households in the euro area – an area of monetary policy that has attracted less attention among researchers. It highlights thecentral role of banks and non-bank intermediaries in shaping how policy affects borrowing, saving and consumption.
FEDS Paper: The Standards Are in the Mail: Comparing Credit Card Supply Indicators
John C. Driscoll, Benjamin S. Kay, Geng Li, and Cindy M. VojtechWe provide the first lender-level analysis linking two independently constructed credit supply measures: the Federal Reserve's Senior Loan Officer Opinion Survey (SLOOS) and credit card mail offers from Mintel Comperemedia.
Minutes of the London FXJSC Legal Sub Committee Meeting – 17 March 2026
The Bank of England provides the Secretariat to the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Minutes of the London FXJSC Main Committee Meeting – 26 March 2026
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 March 2026
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Statistical Notice 2026/06 - Form PL - updates to definitions
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
FEDS Paper: Cyclical Fluctuations, Financial Frictions, and Productivity Differences across Firms
Luca Guerrieri, Jinill Kim, and Arsenii MishinWithin narrowly defined industries, the most productive firms produce far more than the least productive from the same inputs, and this dispersion widens in downturns. We build a tractable representative-agent model in which financial frictions—adverse selection and moral hazard—make firms sort endogenously into lenders, strategic defaulters, and producers.
The Retail Payments Infrastructure Board launches consultation on the next generation UK payments infrastructure
Today marks a major milestone in the modernisation of the UK's payments landscape, with the Retail Payments Infrastructure Board (RPIB) launching a consultation on the future design of the UK's next-generation retail payments infrastructure.
Pages
