The independent faculty

Recently published here, the first mention as far as I know of the amount paid to Radu Tunaru’s Centre for Quantitative Finance, namely £56,000 for ‘key research into determining appropriate methods for determining ERM cashflows and their value’.

As Kevin pointed out, we have already done that, as have the PRA.

Of course it is always a good thing to have more than one pair of eyes on the problem, and worth every penny, no doubt, but it does raise the question of independence. I have repeatedly been told by those connected with the Institute that the working party is just another working party, that any paper it produces is the working party’s paper, nothing to do with the Institute etc.

But that clearly isn’t true. Money has changed hands, and it appears – if the announcement by Kent University is correct – that it is not the working party’s money.

Who at the Institute authorised the grant? We should be told.