Independent Commission on Banking
HC 1069, Nineteenth Report of Session 2010-12 - Report, Together with Formal Minutes, Oral and Written Evidence
- House of Commons - Treasury Committee
- TSO (The Stationery Office)
'Independent Commission on Banking (HC 1069)' reports the Treasury Committee's call for the Independent Commission on Banking (ICB) to address a number of concerns that have been raised about its proposal to ring-fence retail banking – including its effect on the competitiveness of UK banking and the cost of credit to business.
The Commission should also look at how corporate governance in banks could be improved to enhance the stability of the financial system.
The MPs urge the major banks to place any objections or concerns they have about the ICB proposals fully in to the public domain.
A final ICB report based on private discussion and agreement with the banks rather than rigorous public scrutiny would lack public credibility and acceptability.
The Committee is also concerned that the option of full structural separation of retail and investment banking has not received sufficient analysis.
The ICB should provide further details as to the costs and benefits of this reform option and why it decided against full separation when proposing ring-fencing as the lead option in its interim report.
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