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NOTTINGHAM, England, Aug 28 (Reuters) - Following arehighlights of Bank of England Governor Mark Carney's commentsafter a speech on Wednesday.
ON IMPORTANCE OF BANK RATE VS MARKET RATES
"Hanging this on markets is to miss the point. What mycolleagues and what I am hearing across the country is thatthere is appreciation for that greater degree of certainty thatis being provided by the bank. And remember... the rate thatmatters for three quarters of households and more than threequarters of businesses are rates of less than one year, in mostcases a floating rate, and those rates are related directly toBank Rate and Bank Rate is decided by the MPC."
ON BARRIERS TO INVESTMENT
"What there has been is a lot of uncertainty which has heldback investment... There have been issues with access tofinance, which has prevented re-allocation ofcapital...preventing good ideas being put to work - we'reworking on that."
ON FORWARD GUIDANCE
"The guidance is not around the date. The guidance is aroundan economic outcome, specifically unemployment, and differentinstitutions, different individuals can have can have differentviews about when that economic outcome is going to be achieved.
"I think the thing that has to be stressed is that just theachievement of that economic outcome - it does not then followthat interest rates move."
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"I'd stress that the assessment that the MPC will take whenthe threshold is reached will be what's right for the economy atthe time. This is not a precommitment on action."
ON WHEN POTENTIAL STIMULUS MAY BE IMPLEMENTED
"All good questions, all questions that can be answered inthe fullness of time by the MPC. Let's not make a monetarypolicy recommendation today."
ON SECURITISING SMALL BUSINESS LOANS
"I think one has to be a little careful about SME loans forsecuritisation just because the nature of them might, Ireferenced it, they tend to be floating rate, they tend to beshort-term ... and that doesn't work well moving that into asecuritisation package.
"On the other hand, a well-functioning securitisation marketdoes mean more efficient balance sheets for the financial sectoras a whole, which frees up capacity, which then can have aknock-on effect."
ON REBALANCING
"The core to recognise is that sustainable rebalancing ofthis economy, externally and internally, is ultimately going tocome through productivity growth, and that is going to come frominvestment."
ON REACTION TO BOE POLICY
"What I am hearing across the country is that there isappreciation of that greater degree of certainty that is beingprovided by the bank."
