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Cable: UK to "accept in full" ICB proposals

12-20-2011 13:58 BJT

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The British government has issued a formal response to the country's Independent Commission on Banking today, giving its full backing to a shake-up of the banking sector. British Business Secretary Vince Cable said the country’s big banks are at the very centre of the financial crisis, and they need reform.

Back in September, the ICB said top banks should quote, "ring-fence," or protect their retail banking operations from their riskier investment banking arms - to better protect taxpayers in case of future financial crises.

It said lenders should hold core capital of 10 percent, plus a further 7 to 10 percent of capital that could take the form of "bail-in" bonds. There would also be limits to the extent to which a bank could use money in its retail arm for its investment bank.

Britain’s top banks - Barclays’ HSBC, Royal Bank of Scotland and Lloyds - have lobbied against much of the reforms -- arguing they could be put at a competitive disadvantage to rivals around the world.

 

Editor:Zhang Rui |Source: CNTV.CN

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