Vickers report: banks get until 2019 to ringfence high street operations
• ICB stops short of recommendation for full break-up
• Osborne promises legislation in this parliament
• Up to £2tn of assets could be behind firewall
• Barclays and RBS likely to be most affected
• Osborne promises legislation in this parliament
• Up to £2tn of assets could be behind firewall
• Barclays and RBS likely to be most affected
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. By Jill Treanor, the guardian, (click here for the full story)