Banking Reform — Statement

Part of the debate – in the House of Lords at 4:45 pm on 14th June 2012.

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Photo of Lord Bates Lord Bates Conservative 4:45 pm, 14th June 2012

But can my noble friend confirm that the banking crisis actually cost the taxpayer, in direct cash, loans and guarantees, close to £500 billion-£465 billion pounds? Therefore, it behoves the Government to take some action to protect savers and the interests of the taxpayer in this regard. The introduction of the leveraging ratio is therefore welcome, particularly as it follows international norms rather than putting our industry at a competitive disadvantage.

I have one small, technical point. The Minister has an incredible grasp of the detail, but does my noble friend have understanding of whether there will be any implications of introducing that leverage ratio for the Government's holdings in Lloyds Banking Group and RBS?