Arab Today, arab today british banks get time for reforms
Last Updated : GMT 22:28:13
Arab Today, arab today
Arab Today, arab today

British banks get time for reforms

Arab Today, arab today

Arab Today, arab today British banks get time for reforms

London - Arabstoday

Britain’s banks won plenty of time on Monday to make costly structural reforms after the government backed recommendations that lenders have until 2019 to “ring-fence” retail operations and hike capital reserves. Finance minister George Osborne said that the coalition would begin drawing up new legislation backing the government-appointed commission’s call that banks such as HSBC and Barclays implement sweeping reforms. They are facing radical change in order to avoid a repeat of the massive state bailouts of lenders. The Independent Commission Banking recommended in a final report on Monday that lenders’ retail operations should be protected against losses at their investment units.

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