Bank of England does not see motor finance as financial stability risk, Woods says
Corrects to "stability" in third paragraph from "disability"
LONDON, Nov 29 (Reuters) -The Bank of England does not consider the car loans sector to be a risk to financial stability at present, Deputy Governor Sam Woods said on Friday.
Earlier this month ratings agency Moody's said a probe into historic motor finance sales practices by some banks and specialist lenders could reach 30 billion pounds ($38 billion).
"We do not consider that issue to be a risk to financial stability," Woods said at a press conference after the BoE published a stress test of banks.
"But misconduct has often been quite a significant headwind, and therefore we know our job is to make sure that we're capturing that appropriately in the kind of stress testing that we do," Woods added.
Reporting by William Schomberg and Lawrence White, writing by Andy Bruce; editing by David Milliken
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