Confirms UK banks do not yet have access to Mythos; the Glasswing phase 2 has been delayed, possibly due to US administration processes. Emphasizes the need for a controlled but fast process to assess AI models.

Mentions that other AI models are available and that the Bank of England's IT head noted a 'ton of patching' follows model assessment.

Agrees that open-source models are more vulnerable than closed ones. Stresses that strong cyber defenses are crucial and that international cooperation is needed because financial systems are heavily interconnected.

Notes that there is a lot of open-source software already and that the debate is somewhat 'theological'.

Does not take a position on where AI companies are based, but stresses that the spillover risks from cyber threats are too large for a national approach; a firmly-based international process is required.

Views private credit as playing an important role, especially in funding AI investment. However, warns that it is interconnected with the banking system and that investors must understand the liquidity characteristics of these assets, as there are signs of strain and increased outflow requests.

Mentions the Bank of England is conducting a second system-wide exploratory scenario to understand these interconnections.

Confirms the UK will publish revised proposals before the summer. A total issuance limit is an option. Stresses the need for international 'rules of the road' for cross-border stablecoin use.

Believes the rest of the world will take a different view on stablecoin regulation. On CBDCs, he is skeptical and thinks tokenized deposits are a more natural starting point for digital payments.

Mentions the Bank of England is involved in Project Agora (BIS) to improve cross-border payments.

The Bank of England uses AI for data analysis, coding, and modeling. It also uses language models to test how MPC minutes might be received by the market.

Acknowledges the potential for a 'spiral' where market models react to central bank models.