From the Diocese of Durham
A cross party parliamentary inquiry into the banking industry and Libor scandal has had its membership confirmed with the inclusion of the Bishop of Durham as a non politically aligned member from the House of Lords.
The Right Revd Justin Welby, Bishop of Durham has been invited to sit on the commission titled the ‘Parliamentary Commission On Banking Standards’. The terms of reference set out in the motion which resulted in the commission being setup requires it to consider and report on ‘professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the Libor rate-setting process’ and ‘lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy’.
The Commission will be headed-up by Andrew Tyrie MP Chairman of the Treasury Select Committee of the House of Commons. The membership of the Commission will be drawn from across parties in both Houses of parliament with six from the Commons and five from the Lords.
Bishop Justin commented: “I am very honoured to have been invited to take part in this important enquiry, which has an impact on all of us because ethical markets are essential to a flourishing economy, and thus jobs. The work commitment is obviously going to be intense, but short lived. Having started dealing in these markets from the oil industry side in the late 1970s, and with experience not only of LIBOR related instruments but also of a range of derivatives and many other forms of market, as well as being involved in the City of London through work on ethical investing in recent years, this is an area where I hope to be able to make a useful contribution."