It took about four years for the Bank of England, under Lord King's governorship, to be persuaded to examine its performance and decision-making during the financial crisis.
The worldwide investigation into allegations of manipulation in the global currency market took another twist on Thursday, as Bank of America suspended a senior trader in London, a source familiar with the matter said on Thursday.
Bank of England officials knew of concerns the foreign-exchange market was being manipulated as early as July 2006, more than seven years before regulators opened formal probes into alleged rate-rigging.
The U.K.'s central bank has suspended an employee as part of its investigation into alleged manipulation of the currency markets.
Five years ago this week, on 5 March 2009, the Bank of England took the dramatic step of cutting interest rates to their lowest level in more 300 years.
The Bank of England's base rate would peak close to 3% to protect mortgage payers from a big increase in monthly interest payments, a senior Bank of England official said.
The Bank of England would never give "time-specific" guidance on the U.K's first interest rate hike, Ben Broadbent, Bank of England monetary policy committee member - and rumored leading contender for the deputy governorship - told CNBC.
"Dear shareholder, this new EU law capping bonuses is silly so we've decided to exploit the enormous and very obvious loophole. Stuff Brussels: we're not paying ourselves less. Your co-operation in this matter is greatly appreciated."
The bosses of Britain's biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals.
UK homeowners and businesses should be braced for an interest rate rise around the time of next year's general election, a senior Bank of England policymaker said on Thursday in the most explicit guidance on borrowing costs yet provided by Threadneedle Street.
Barclays will begin to hand out bonuses on Friday to its 140,000 staff around the world from a bonus pool expected to be bigger than last year's.
The governor of the Bank of England has issued a blunt warning to potential home-owners that they must be able to pay their mortgages when interest rates go up and not rely on being bailed out of any future difficulties by rising house prices.
The Bank of England is to begin consulting over a pay code for top City firms next year to incorporate the recommendation of an influential parliamentary report that bonuses should be deferred over 10 years.