A framework for co-operation between the three authorities in this area was first set out in a Memorandum of Understanding in 1997. It has proved to be robust and effective as a basis for responding to financial stability risks. But financial markets and institutional roles have evolved over the past eight years and it is now appropriate to reflect those changes in the MoU itself. In particular, the response frameworks for managing both financial crises and major operational disruption have advanced significantly and this is spelled out in the new text.

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