Osborne faces TSC grilling over banks - today's papers

The Chancellor appears before the Treasury Select Committee (TSC) this afternoon to answer concerns about the accountability of the Bank of England

Under the Government's planned regulatory reforms, which are currently being drafted into legislation, the Bank will become the single most powerful institution in the country. MORE..

Meanwhile, 13 unnamed European insurers would be forced to raise a combined total of €4.4bn (£4bn) in new capital if the world were hit by a new crisis based on the results of the stress tests conducted by the European Insurance and Occupational Pensions Authority (EIOPA). MORE...

Elsewhere, Paulson & Co, the hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis, has made more than $550m from a recovery in the value of bonds it bought in failed investment bank Lehman Brothers. MORE...