Banks to be given until 2019 to implement reforms

Graham_Devon

What a crock...

2019!!! Will even give them time to grow the grass to kick this into!

Britain's biggest banks are to be given until 2019 – longer than had been expected – to implement radical reform of their operations to prevent another taxpayer bailout of the system.

The Independent Commission on Banking – issuing its report almost three years to the day after the collapse of Lehman Brothers which led to the major 2008 bank bailouts – said that banks should ringfence their high street banking businesses from their "casino" investment banking arms.

The much anticipated final report by Sir John Vickers admitted its proposed reforms would cost between £4bn and £7bn but were more practical and less expensive than the full-scale separation of the kind that business secretary Vince Cable had called for in opposition.

The ICB conceded that its reforms were "deliberately composed of moderate elements" but insisted "the reform package is far-reaching".

chucky

Graham_Devon wrote: »

What a crock...

2019!!! Will even give them time to grow the grass to kick this into!

perfect, let the next government have the problem.

nice work Mr Cameron :T

Joe_Bloggs

There will be a royal commission to research the route of the expedition that may endeavour to scout for the probable location in the long grass.
J_B.

Graham_Devon

Joe_Bloggs wrote: »

There will be a royal commission to research the route of the expedition that may endeavour to scout the the probable location in the long grass.
J_B.

Which will be the cause of the delay come 2019, giving them until 2023.

Thrugelmir

Graham_Devon wrote: »

What a crock...

2019!!! Will even give them time to grow the grass to kick this into!

And why do you believe that it can be done any quicker?

michaels

Is this why the UK market is outperforming today?

As I predicted a policy that the lib dems can support but no short term impact that the Tories can't stomach.

Thrugelmir

michaels wrote: »

Is this why the UK market is outperforming today?

Standard Chartered is biggest gainer of the day at the moment.

Graham_Devon

Thrugelmir wrote: »

And why do you believe that it can be done any quicker?

World War II was achieved in 6 years.

I'm sure banks can be seperated in less. They just don't want to.

chucky

Thrugelmir wrote: »

And why do you believe that it can be done any quicker?

it can't be done any quicker if done at all. too many financial entities would need to adapt and too many countries would need to pass this type of legislation for it to work realistically. it's a political move trying to transfer the financial risk away from the UK that will make this proposal diluted in time.

Thrugelmir

Graham_Devon wrote: »

World War II was achieved in 6 years.

At what cost?

War like the economy is based on strategic decisions.

Not sure the UK is financially strong at the current time to face another Dunkirk.

Graham_Devon

Thrugelmir wrote: »

At what cost?

War like the economy is based on strategic decisions.

Not sure the UK is financially strong at the current time to face another Dunkirk.

Wasn't really talking about the cost. Was talking about the time given to undertake something.

The 8 years is there to make sure there is plenty of time to not do anything.

While the rest of Europes stock markets and banks fall due to a banking and euro crisis (amongst other stuff) here in the UK you have RBS, and Lloyds in the green on the back of this report. That's all I need to know it's a green light for banks to carry on as they were.

It's enough time for politicians to leave & retire. Bankers to rake in huge bonuses. Maybe even a new political party will be in power to reverse it.

Again. Nothing will be done. We are simply talking and proposing day after day, while doing precisely nothing. If things cannot be done, why are we spending money suggesting they can? All these comisions etc don't come cheap. But the olympics will be here soon so everythign will be great.