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Banking Reform

Part of Business of the House – in the House of Commons at 1:18 pm on 17th June 2010.

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Photo of Chi Onwurah Chi Onwurah Labour, Newcastle upon Tyne Central 1:18 pm, 17th June 2010

I will accept that the banking reforms will make it more likely that if exactly the same problems happened in exactly the same way in exactly the same countries, we might be able to spot them, if not to do anything about them. Does the Minister accept that by failing to address the institutional failures in the banking system that are outside regulation-such as pay incentives within banking, the role of the rating agencies, the failure of international information flows and the lack of transaction costs in international financial markets-our country is just as vulnerable as ever to banking failures?

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