2016-08-03 — independent.co.uk
Kevin Dowd, professor of finance and economics at Durham University, argues in a paper published today by the Adam Smith Institute that the Bank's tests, which model various adverse economic scenarios each year such as a major fall in UK house prices or a Chinese property crash, have a series of "fatal flaws" and that the central bank is "asleep at the wheel".
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In addition, he says the Bank's tests are less rigorous than those of the US central bank, and that if UK lenders were tested by the Federal Reserve all of them would fail.
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