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The CBI yesterday responded to the publication of the Independent Commission on Banking (ICB) interim report.

John Cridland, CBI Director-General, said:

“It’s important that the Independent Commission on Banking favours reforming UK retail banking rather than breaking up universal banks.

“Stability in the banking sector is best achieved by establishing necessary capital buffers, having effective recovery and resolution arrangements, and appropriate supervision.

“Requiring banks to hold 10% capital buffers against their UK retail operations will provide an additional shock absorber in the event of a financial crisis, though we agree with the Commission that this would be best done through international reforms.

“But the Commission’s proposals on ring-fencing could have a significant impact on the UK financial landscape, and will need to be carefully assessed to ensure that they allow banks to support businesses and growth, and strengthen this country’s position as a leading global financial centre.

“Businesses agree that increasing competition and choice in banking is important, and the Commission has rightly highlighted switching between banks and increasing new entrants to the market as priorities.”
Notes to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK, as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office on 020 7395 8239 or out of hours pager on 07623 977 854. Follow the CBI on Twitter at: www.cbi.org.uk/twitter


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