Arab Today, arab today uk takes step closer to major bank reform
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

UK takes step closer to major bank reform

Arab Today, arab today

Arab Today, arab today UK takes step closer to major bank reform

London - AFP

The British government on Thursday published a key document outlining plans for costly structural reforms of Britain\'s banks in a bid to help avoid a repeat of the 2008 financial crisis. \"The government has today published a White Paper setting out proposals to fundamentally reform the structure of banking in the UK,\" the Treasury said in a statement. The document, which precedes an act of legislation, is open to consultation until September 6, it added. The Conservative-Liberal Democrat coalition had already announced last year that it would support the recommendations of the Independent Commission on Banking, chaired by ex-Bank of England chief economist John Vickers. Central to the changes are plans to \"ring-fence\" the retail operations of lenders such as HSBC, Barclays and state-rescued Royal Bank of Scotland and to require them to hike their capital reserves -- all by 2019. \"We are fundamentally reforming the structure of our banking sector,\" finance minister George Osborne was to say in a speech to financial bosses due to be delivered late in London on Thursday. \"High-street banking will be ring-fenced so that taxpayers are better protected when things go wrong. We will be able to bail in creditors when a bank fails rather than turning to the public purse,\" Chancellor of the Exchequer Osborne was to say during his annual \"Mansion House\" address. Britain\'s banks were facing radical change to avoid a repeat of the massive state bailouts of lenders, including also Lloyds Banking Group, in the wake of the 2008 financial crisis. According to the White Paper, British banks should increase their capital buffers above levels decided under the international Basel III agreement. Vickers last year estimated that the annual pre-tax cost to lenders of the reforms would total between £4.0 billion and £7.0 billion a year. Analysts said the higher charges risked being passed on to clients.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk takes step closer to major bank reform Arab Today, arab today uk takes step closer to major bank reform

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday