Jon Cunliffe: Global pipes - challenges for systemic financial infrastructure

Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, at the Official Monetary and Financial Institutions Forum, London, 22 February 2017.

It is said that the first 500 years of an institution's life are the most difficult. By that reckoning, the Bank has 177 years to go before we reach less challenging times.

But at least, with 323 years behind us, we can draw both inspiration and warning from those who have gone before us. In difficult times, I certainly take both from my predecessor, Michael Godfrey.

Godfrey was one of the three co-founders of the Bank in 1694 and its first Deputy Governor. But his tenure was short.