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Banking reform - towards the right structure, second report of session 2012-13, report, together with formal minutes (Paperback)
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Banking reform - towards the right structure, second report of session 2012-13, report, together with formal minutes (Paperback)
Series: House of Commons Papers, 2012-13 1012
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The Commission welcomes the Government's acceptance of the
principle that it's 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
exercisable only after by an independent reviewer. It is also
important that the reviewer should be independent of Government.
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. The Government's proposal
for the periodic review to be conducted by the regulator is wholly
inadequate. Government has been at pains to make the case against
the provision for full separation being implemented on the say so
of the regulator. Instead, it is envisioned that the legislative
provisions would be brought into force only in the light of the
recommendations of the independent review. It is essential that the
timetable for the progress of the current Bill allows adequate time
not only for the full scrutiny of the current content, but also for
the addition of provisions to give effect to their recommendations
General
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