LONDON (Reuters) - Investors may be too relaxed about what will happen when interest rates start rising to more normal levels, the Bank of England's Financial Policy Committee said on Tuesday.
The FPC said in minutes of its latest meeting that recent policy changes by central banks in rich countries had not greatly affected markets.
"Nonetheless, members were concerned that there was a risk that this apparent resilience to past developments in advanced economy monetary policy could reinforce risk appetite in a way that did not fully take account of the eventual transition of monetary policy to more normal settings," the minutes said.
The FPC, which has previously warned of the potential impact of interest rates rising from their record lows, said leverage levels were lower than before the financial crisis.
But the transition to higher rates could pose challenges in some sectors of financial markets, and changes to the way banks are structured since the crisis made it more difficult to judge what the impact of any surprises would be.
The FPC also reiterated it would "remain vigilant to emerging vulnerabilities" related to the recovery in Britain's housing market and would "take further proportionate and graduated action if warranted."
The minutes said the Bank of England would hold consultations during the second quarter of 2014 on how to revive the securitisation market, widely seen as one of the factors in the run-up to the financial crisis.
BoE officials have previously said securitisation, if properly managed, can be an important way for companies to raise funds for investment.
Separately, BoE Governor Mark Carney said the FPC might not always be able to give a precise assessment of the costs of new rules that the committee recommends.