Minutes of the Wholesale Distribution Steering Group – 8 December 2021

Minutes

Item 1 – Standing agenda items

Agree package of minutes for publication: 3 November, 17 November, 1 December 2021

The group reviewed the minutes from 3 November, 17 November and 1 December, and subject to some agreed changes approved their publication alongside the public update which will be published on the 15 December. It was agreed that Minutes from this meeting would be agreed by written procedure.

Sharing information on stakeholder management

The Chair raised that the Bank had a discussion with Natalie Ceeney this week who agreed it was sensible for the WDSG to publish the public update on the 15 December alongside the Cash Action Group announcement given the important interlinkages.

Item 2 – Documents for sign off

Public update document/ executive summary

The Chair thanked participants for their engagement and feedback on the public update document.

The Bank discussed the key changes that had been incorporated into the latest version which reflected comments received from members to date. Eversheds provided some further amendments for consideration.

The Bank confirmed it would update the document based on the feedback and circulate a final version for agreement ahead of publication on the 15 December.

Members agreed that the industry commitments captured in the public update document, and individual plans, will be subject to periodic review, to ensure that the operation of the wholesale cash infrastructure continues to support cash as an accessible payment method at each point.

The Chair confirmed that the different roles and responsibilities of the UK underwriting banks and operators in the market would be taken into account when agreeing individual member’s plans to ensure appropriate accountability.

WDSG consultation responses

WDSG members agreed the WDSG consultation responses document and approved its publication on 15 December.

Press release

The Bank provided an overview on the proposed press release and asked for members to provide sign off by written procedure ahead of its publication.

Lines to take

The Bank explained that any questions on the overall process or industry commitments should be directed to the Bank’s press office in the first instance.

Item 3 – Individual press releases

The Bank noted that each firm will be publishing their own press release following the Bank’s publication on 15 December.

Item 4 – Next steps

The Bank raised that the next stage of this work will involve bilateral engagement with members through Q1-2022, to review individual plans for future wholesale cash distribution. The initial engagement will be to provide further clarity on future requirements, and to answer any questions.

Item 5 – Review Action Log

Actions were reviewed and closed where applicable.

Item 6 – AOB

The Chair thanked everyone for their participation and confirmed that for now this would be the last formal WDSG meeting to be scheduled.

Committee attendees

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

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

Barclays: Tim Allen

HSBC: Sue Yarham

Lloyds Banking Group: Richard Hill

Natwest: Colin Brindley

Santander UK: Robert White

Post Office: Renata Prywerek

HM Treasury: Derek Dunne, Kaelan Bhate, Abigail White

Virgin Money: Derek Walker

Danske: Kevin McMullan

G4S: Paul Van Der Knapp

TRM: Mark Loveridge

Vaultex: Phil Vaughan

Apologies

Elisabeth Bertalanffy-Fournier (BOE), Martin Barrett (Lloyds), Richard Talbot (Natwest), Julie Fitzgibbon (BOI), John Garrett (AIB), Russell Hancock (Post Office), Azin Roussos (HMT), Anne Jessopp (TRM)