On 16 March 2012, the interim Financial Policy Committee (FPC) met and discussed its advice to the Treasury regarding the macro-prudential tools over which the statutory FPC should have powers to direct action by the proposed new regulatory authorities, the Prudential Regulation Authority and the Financial Conduct Authority. Building on earlier discussions about macro-prudential tools in September 2011, the interim FPC agreed to advise the Treasury that, in order to meet its proposed objective, the statutory FPC should initially have powers of direction over the following tools: The countercyclical capital buffer; sectoral capital requirements; and a leverage ratio. In addition to banks, the range of institutions to which these tools would apply could include building societies, investment firms, insurers and a variety of funds and investment vehicles.