Minutes of the Wholesale Distribution Steering Group – 17 November 2021

Minutes

Item 1 – Standing agenda items

3 November 2021 minutes

The Chair explained these minutes will be published alongside the public update report in December.

Sharing information on stakeholder management

None.

Item 2 – Project Update

Next steps/ timetable

Eversheds confirmed that the process of formulating appropriate industry-wide commitment statements to the provision of wholesale cash is underway, and they are currently finalising a plan to deliver these.

Target publication date

The Bank raised that it could be beneficial to publish the public update document on the 15 December to align with the Cash Action Group (CAG) announcement. This would provide a joined up view of the industry commitments to the provision of both wholesale and retail cash.

The Bank explained that Natalie Ceeney, who is leading the CAG work, was supportive of this approach.

WDSG members agreed to target the 15 December for publication, provided the current work had progressed sufficiently.

Item 3 – WDSG Communications Review Group Update

The Bank provided an update on the work of the WDSG Comms Review Group, and explained that a revised version of the public update has been circulated to attendees for review ahead of the next meeting which is scheduled for 18 November.

Item 4 – Review Action Log

Actions were reviewed and closed where applicable.

Item 5 – AOB

None.

Committee attendees

Bank of England: Sarah John (Chair), Nick Butt, Elisabeth Bertalanffy-Fournier, Ronan McClintock, James Best, Molly Galligan

Eversheds: Ros Kellaway, Russell Saunders, Mark McLintock, Victoria Pickard

Barclays: Tim Allen

HSBC: Sue Yarham

Lloyds Banking Group: Richard Hill

Natwest: Richard Talbot

Santander UK: Robert White

Post Office: Russell Hancock

HM Treasury: Derek Dunne

Virgin Money: Derek Walker

G4S: Paul Van Der Knapp

TRM: Andrew Mills

Vaultex: Phil Vaughan

Apologies

Martin Barrett (Lloyds), Kevin McMullan (Danske), Julie Fitzgibbon (BOI), John Garret (AIB), Anne Jessopp (TRM), Trystan Richards (Eversheds), Chris Barnes (KPMG), Simon Walker (KPMG), Azin Roussos (HMT)