A dinner discussion with Sir Paul Tucker
Held on Thursday, March 10, 2016
With support from Ruffer LLP
Sir Paul Tucker (Systemic Risk Council)
Sir Paul is a (fairly) regular guest, and we are delighted that he has agreed, once again, to let us build a small(ish) dinner discussion around him.
Although his views on a range of financial and regulatory issues (both domestic and cross-border) are well-worth soliciting, the excuse this time is pretty clear: two months ago, Paul was appointed as chairman of the Systemic Risk Council, which had been chaired by the formidable Sheila Bair since it was established in 2012.
The SRC is important. It defines itself as a “private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk”. Its members include Ms Bair, Brooksley Born (ex-CFTC), Sharon Bowles (ex-MEP), Bill Donaldson (ex-SEC), Sallie Krawcheck (ex-Citi/BofA) and our own Lords McFall and Turner.
Well, the next crisis may be upon us. As I write this, bank stocks have been battered, central banks are increasingly being forced to resort to negative interest rates, there are endless press stories suggesting that NPLs tucked away on European balance sheets are grossly understated, and the usual doom-merchants (many of whom were very vocal at last month’s Davos meeting) are predicting that we are going to get a rerun of 2007/08.
To me, that still seems unlikely, but there is no doubt that the current mood is very gloomy – which makes what Paul has to say that much more important. He is, after all, immensely well placed – as a Fellow at the Kennedy School, as a former Deputy Governor at the Bank of England, and as a former chairman of the FSB’s Committee on the Resolution of Cross-border Banks – to pass judgment on the resilience of the global financial system, and on the steps that have been (and are being) taken to improve that resilience.
We will try to keep the guest list down to 25 or so, to ensure everyone gets a chance to grind his or her axe. And – thanks to the hospitality of Jonathan Ruffer and his team – I can also promise an excellent dinner.