Published on September 12th, 2011 |
by Ehshan Veerabangsa
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UK banks are to be given until 2019 to implement sweeping reform of operational practices in today’s report by the Independent Commission on Banking. As expected it recommends the ring fencing of the retail side of banking operations in order to protect it from the more riskier investment side. The 2019 deadline set for reform is longer than had been previously been expected, and is projected to cost between £4-7 billion.
The commission led by Sir John Vickers said it would "make it easier and less costly to resolve banks that get into trouble", and is seen as a move to prevent another taxpayer bailout of the system.
2019 Deadline for Banking Reform
Money © Images_of_Money
UK banks are to be given until 2019 to implement sweeping reform of operational practices in today’s report by the Independent Commission on Banking. As expected it recommends the ring fencing of the retail side of banking operations in order to protect it from the more riskier investment side. The 2019 deadline set for reform is longer than had been previously been expected, and is projected to cost between £4-7 billion.
The commission led by Sir John Vickers said it would “make it easier and less costly to resolve banks that get into trouble”, and is seen as a move to prevent another taxpayer bailout of the system.
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