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Banking Reform
Banking reform is the second key pillar of the Government's programme for reform of the financial sector to address the weaknesses exposed by the financial crisis of 2007-09. The first pillar of this programme, reform of financial services regulation, has been legislated in the Financial Services Act that received Royal Assent in December 2012 (2012 Ch. 21, 9780105421122). The Government is now legislating to reform the structure of the UK banking system, through the Financial Services (Banking Reform) Bill (HCB 130, session 2012-13, ISBN 9780215053794) which implements key recommendations of the Independent Commission on Banking, including ring-fencing retail deposits from wholesale banking activities and depositor preference. This document accompanies introduction of the Bill and includes the Government response to the first report of the Parliamentary Commission on Banking Standards (PCBS), which conducted pre-legislative scrutiny on the draft Bill. The response explains where the Government has amended the Bill and includes and impact assessment for the Bill, along with the opinion of the independent Regulatory Policy Committee
The Government response to the Independent Commission on Banking
In its final report the Independent Commission on Banking (ICB) recommended a package of measures, consisting of ring-fencing vital banking services and increasing banks' loss-absorbency. The Government strongly supports the ICB's objectives and dual approach. The Government agrees that vital banking services - in particular, the taking of retail deposits - should only be provided by 'ring-fenced' banks', and that these banks should be prohibited from undertaking certain investment banking activities. On increased loss-absorbency, also supported are the ICB recommendations for higher equity requirements for large ring-fenced banks, a minimum leverage ratio, loss-absorbing debt, insured depos...
Independent Commission on Banking final report
The Independent Commission on Banking's final recommendations aim to create a more stable and competitive basis for UK banking for the long term. The result would be a banking system that is much less likely to cause, or succumb to, financial crises and the huge costs they bring; is self-reliant, so that the taxpayer does not have to bear the losses that banks make; and is effective and efficient at providing the basic banking services of safeguarding retail deposits, operating secure payments systems, and efficiently channelling savings to productive investments in the economy. Stability is crucial and UK banks should have more equity capital and loss-absorbing debt - beyond what has so far...
Changing banking for good
The Parliamentary Commission on Banking Standards was established in July 2012, in the wake of the LIBOR scandal, to conduct an inquiry into professional standards and culture in the UK banking sector and to make recommendations for legislative and other action. This final report from the Commission contains a package of recommendations to raise standards, including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse markets, reinforcing the powers of regulators and making sure they do their job. Key recommendations include: A new Senior Persons Regime, replacing the Approved Persons Regime, to ensure that the most important ...
Banking reform
The Financial Services (Banking Reform) Bill aims to establish a more resilient, stable and competitive banking sector; to reduce the severity of a future financial crisis; and to protect taxpayers in the event of such a crisis. It is primarily an enabling Bill, which provides HM Treasury with the requisite powers to implement the policy underlying the Bill through secondary legislation. Three illustrative draft instruments were published in March 2013 in order to aid Parliamentary scrutiny of the Bill, and the Government has continued to develop those instruments. This paper invites comments on a further four statutory instruments: Ring-fenced Bodies and Core Activities Order; Excluded Activities and Prohibitions Order; Banking reform (Loss Absorbency Requirement) Order; and the Fees and Prescribed International Organisations Regulations. Further secondary legislation is planned for pensions and building societies.
The Financial Revolution in England
Peter Dickson's important study of the origins and development of the system of public borrowing which enabled Great Britain to emerge as a world power in the eighteenth century has long been out of print. The present print-on-demand volume reprints the book in the 1993 version published by Gregg Revivals, which made significant alterations to the 1967 original. These included a new introduction reviewing recent work, and, in particular, 33 pages of detailed annotations and corrections, which, taken together, justified its status as a second edition.
HC 728-I - Project Verde: Volume I
One of the most significant consequences of Co-op Bank's near-collapse, from a public policy perspective, was the collapse of Lloyds Banking Group's planned divestment under Project Verde. Co-op Bank's withdrawal forced Lloyds to resort to its fallback option of an Initial Public Offering. The result is a new bank, TSB, which, not having an existing banking presence of its own, consists solely of the business divested by Lloyds. Accordingly, it has a personal current account market share not of 7 per cent, but of 4.2 per cent. There is a risk that a bank of this size might struggle to grow significantly and to act as a true challenger in the market. Had Co-op Bank's resulting capital shortfa...
Changing Banking for Good
This Volume of the report from the Parliamentary Commission on Banking Standards contains eleven chapters setting out the Commission's findings, conclusions and recommendations in detail. The chapters are: introduction; the public experience of banks; the underlying causes; tackling resistance to reform; better functioning markets; a new framework for individuals; bank governance, standards and culture; remuneration; regulatory and supervisory approach; sanctions and enforcement; the way forward. The annexes to the report are: conduct of the Commission's work; trust in other sectors; bank remuneration; CDFIs (community development finance institutions); bank ownership; the public policy framework for remuneration
The Chancellors
When the Treasury lost control of interest rates to the Bank of England in 1997, its status looked under threat. However, it quickly reasserted its power by dominating policymaking across Whitehall and diminishing other ministries in the process. It also successfully fought off attempts by Prime Ministers, from Blair to Johnson, to cut it down to size. In this fascinating insider account, based on in-depth interviews with the Chancellors and key senior officials, Howard Davies shows how the past twenty-five years have nonetheless been a roller-coaster ride for the Treasury. Heavily criticized for its response to the global financial crisis, and for the rigours of the austerity programme, it also ran into political controversy through its role in the Scottish referendum and the Brexit debate. The Treasury’s dire predictions of the impact of Brexit have not been borne out. Redemption of a kind, though a costly one, came from its muscular response to the COVID crisis. Anyone with an interest in economic policymaking, in the UK and elsewhere, will find this a valuable and entertaining account.
Appointment of Dr Mark Carney as Governor of the Bank of England
The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013. During the hearing, Dr Carney offered his views on the UK's future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney's evidence, in its forthcoming Report on the Budget. The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it. In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank. The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role. Dr Carney's appearance before the Treasury Select Committee has set an important precedent. No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.
