Banking Reform
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The report Banking Reform: Towards The Right Structure (HL 126 & HC 1012) welcomes the Government's acceptance of the principle that its proposed framework for ring-fencing requires reinforcement. The Commission sees no merit in the proposition that the first reserve power will create uncertainty for banks or put at risk their attempts to raise funds for lending. That power will be a source of uncertainty only for those minded to take actions that conflict with the objectives of the ring-fence. It is important that the regulator's powers to break-up a bank should be used only afterwards, by an…mehr

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The report Banking Reform: Towards The Right Structure (HL 126 & HC 1012) welcomes the Government's acceptance of the principle that its proposed framework for ring-fencing requires reinforcement. The Commission sees no merit in the proposition that the first reserve power will create uncertainty for banks or put at risk their attempts to raise funds for lending. That power will be a source of uncertainty only for those minded to take actions that conflict with the objectives of the ring-fence. It is important that the regulator's powers to break-up a bank should be used only afterwards, by an independent reviewer. The Government should make explicit provision in the Bill to enable the regulator to require a bank to divest itself of a specified division or set of activities, which would fall short of the requirements of the first reserve power. It is essential that the timetable for the progress of the current Bill allows adequate time not only f