19 December 2011
City of London response to Chancellor's statement on ICB
report
Stuart Fraser, Policy Chairman at the City of London
Corporation, said:
“The promotion of both greater stability and increased
competition in UK banking are desirable but how the industry gets
there is the real question. The analysis undertaken by the
Independent Commission on Banking will play a crucial role in
shaping the way forward for regulatory reform in the UK. The City
looks forward to working closely with government to deliver a safe,
secure and sustainable banking system that is internationally
competitive.
“It is vital that we reconcile political imperatives with what
is practical for banks to minimise transitional risks. We must be
very careful that at a time when bank capital is under extreme
pressure from a host of areas, including the prospect of sovereign
default in the Eurozone and the current debate on “bail-ins”, that
we carefully assess the impact of these measures – particularly
banks’ ability to lend to consumers. In this light, the final
deadline of 2019 for full implementation is a sensible
timetable.
“Much progress on reform has been made at a global level,
through institutions such as the Basel Committee on Banking
Supervision and G20, and the UK has a leading role to play in this
process. Given the international nature of the financial
marketplace, this is exactly the approach we should be taking if we
are not to act out of step with rival centres and damage the UK’s
standing as a world leading financial hub. The industry has a vital
role to play in supporting business growth, creating jobs and
putting the economy on a sustainable path.”
Sanjay Odedra
Senior Media Officer
City of London Corporation
Tel 020 7332 1835 / 07831 542 856
www.cityoflondon.gov.uk
http://www.twitter.com/cityoflondon