Minutes of the Wholesale Distribution Steering Group – May 2021

Minutes

Item 1 – Standing agenda items

The group agreed the April 2021 minutes, and approved their publication

  • Sharing information on stakeholder management

The Bank and some WDSG members noted that there had been an increased level of media and political interest around access to cash, which had included the work of the wholesale distribution review.

Item 2 – WDSG Terms of Reference

The updated Terms of Reference for WDSG, which reflect the new governance structure for the next phase of the development work, were approved by members subject to minor amendments.

Item 3 – Next phase of work

Progress update – Legal documentation / clean team requirements

Eversheds reported that good progress had been made since the last meeting on the legal documentation which was now being finalised. This meant the project was now progressing to plan.

The requirement for establishing a clean team for the next phase of work had also been considered, with a 2-staged proposal put to members. Stage 1 would address asset selection and involve bilateral discussions between the independent project team and the NCS operators to obtain the necessary information. Stage 2 would assess the commercial implications from stage 1, inviting financial specialists from the member banks to review the output to help inform the most appropriate asset selection and pricing structure. Feedback on the clean team proposal was requested by the end of the week.

Nine week project plan

Eversheds reported that the 9 week plan for the next phase of the work was being updated reflecting the proposed clean team requirements, and will be presented to the group for agreement ahead of the next WDSG.

Forward look / WDSG meetings

A potential risk to the overall timeline was flagged as a result of the 2-stage clean team approach. This could potentially take longer than anticipated if several iterations are required for agreement. This will be the focus at the Industry Escalation Meeting on Friday 7 May.

Eversheds confirmed that all the member banks and operators were represented in the next phase of the work and had their legal advisors involved.

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, Camilla Pegg, Molly Galligan

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

Barclays: Tim Leyden

HSBC: Sue Yarham

Lloyds Banking Group: Richard Hill

Post Office: Russell Hancock

Natwest: Richard Talbot

Santander UK: Robert White

HM Treasury: Derek Dunne

Virgin Money: Derek Walker

Danske: Kevin McMullan

G4S: Mike Bowen

Vaultex: Mark Trevor

Royal Mint: Mark Loveridge

Apologies

Julie Fitzgibbon (BOI), John Garrett (AIB), Paul Van Der Knapp(G4S), Azin Roussos (HM Treasury), Anne Jessopp (Royal Mint), Martin Barrett (Lloyds), Tim Allen (Barclays), Phil Vaughan (Vaultex)

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