- CNTV English - CCTV News

Cable: UK to "accept in full" ICB proposals

12-20-2011 13:58 BJT

Watch Video

Play Video

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program