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LONDON, June 7 (Reuters) - British banks and regulatorsshould disclose more of their communications to prevent a repeatof the financial crisis, a senior UK lawmaker said on Tuesday.
Andrew Tyrie, chairman of parliament's treasury committee,has written to Andrew Bailey, a deputy governor of the Bank ofEngland, saying he wants a detailed explanation of how theregulator balances secrecy and public disclosures.
Tyrie said at a time of increased regulatory oversight toomuch of the information banks provide to supervisors and theadvice then made to individual organisations remainedconfidential.
"It is not available to shareholders, creditors anddepositors, the people with most 'skin in the game,'" Tyrie saidin a statement. "Effective market discipline should be apriority for regulators. For this a high degree of transparencyis required."
The aim of greater disclosure is to make sure taxpayerswon't be needed again to rescue banks after the Britishgovernment spent more than 130 billion pounds ($190 billion)bailing out troubled lenders during the 2007-2009 financialcrisis. So far just over half of that money has been recouped.
($1 = 0.6849 pounds) (Reporting by Andrew MacAskill; Editing by Mark Potter)
