Bank of England's Bailey speaks about UK financial outlook

Following are highlights of remarks by BoE Governor Andrew Bailey and other senior BoE officials at a press conference to present the report."The UK economy and financial system has so far been resilient to interest rate risk.""It is the case that elements of the global financial system do remain vulnerable to increased interest rates and uncertainty surrounding the economic outlook, and of course tensions geopolitically speaking.

"It is also important that we have competition in the banking system, which encourages banks to compete and compete on saving rates. And again, just to re-emphasise a more resilient banking system will be able to compete." "If we put it up from 85,000 to some other number that's larger than 85,000 that doesn't really do it. So we are looking, as I said, you know, more broadly at the resolution toolkit.""We've essentially sort of set what we think is the sensible buffer level for them to hold as a buffer against stress. What that meant was that when interest rates went up, there was no disorderly need to ... try to call down assets to recapitalize the LDI funds.

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