(1) The Financial Policy Committee is to exercise its functions with a view to -
(a) contributing to the achievement by the Bank of the Financial Stability Objective, and
(b) subject to that, supporting the economic policy of Her Majesty's Government, including its objectives for growth and employment.
(2) The responsibility of the Committee in relation to the achievement by the Bank of the Financial Stability Objective relates primarily to the identification of, monitoring of, and taking of action to remove or reduce, systemic risks with a view to protecting and enhancing the resilience of the UK financial system.
(3) Those systemic risks include, in particular -
(a) systemic risks attributable to structural features of financial markets, such as connections between financial institutions,
(b) systemic risks attributable to the distribution of risk within the financial sector, and
(c) unsustainable levels of leverage, debt or credit growth.
(4) Subsections (1)(a) and (2) do not requir
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