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Top related persons:
BoE - 1 Maja Smiejkowska - 1 Sam Woods - 1 Woods - 1 Charlotte Gerken - 1 Gerken - 1 Huw Jones - 1 Alexander Smith - 1
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Search resuls for: "Charlotte Gerken"


2 mentions found


☆ Bank of England tells UK to hold insurers to account on infrastructure
  + stars: | 2023-09-13 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo Acquire Licensing RightsCompanies Bank Of England FollowLONDON, Sept 13 (Reuters) - The government should check that insurers are spending up to 100 billion pounds ($125 billion) on Britain's economy after their capital rules were eased, Bank of England Deputy Governor Sam Woods said on Wednesday. "I think it may happen, but I can't guarantee it," Woods told a sub-committee of parliament's Treasury Select Committee. The finance ministry overrode the Bank of England to ease some capital rules more than Woods had wanted, which could make an insurance company failure more likely. This means insurers will have more money to invest, currently only a modest part of their portfolios is in infrastructure, Gerken said.
Persons: BoE, Maja Smiejkowska, Sam Woods, Woods, Charlotte Gerken, Gerken, Huw Jones, Alexander Smith Organizations: Bank of England, REUTERS, Bank, Association of, Thomson Locations: London, Britain
☆ Bank of England tells insurers to moderate their push into pensions
  + stars: | 2023-04-27 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, April 27 (Reuters) - The Bank of England warned insurers on Thursday not over extend themselves in grabbing more business from pension schemes eager to offload risks. Charlotte Gerken, executive director for insurance supervision at the Bank, said that in the face of considerable temptation to capture business opportunities, insurers need to exercise caution. Bulk purchase annuities (BPA) are long-term policies from life insurers for company defined benefit, or final salary, pension schemes. UK life insurers could take on more than 500 billion pounds ($623.70 billion) of pension liabilities over the coming decade, she said. "Insurers therefore need to understand, as they take on these vast sums of assets and liabilities, how they may become greater sources or amplifiers of liquidity risk," Gerken said.
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