We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.

Donate to our crowdfunder

Independent Commission on Banking

House of Lords written question – answered on 20th July 2011.

Alert me about debates like this

Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether the Independent Banking Commission will be required to support its recommendations by a full cost-benefit analysis; and whether it will examine the competitive impact of its proposals or whether this will be subject to separate review.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Independent Commission on Banking (ICB) has been tasked with considering the structure of the UK banking sector and with looking at structural and non-structural measures to reform the banking system and promote competition.

The ICB's terms of reference state that it will have regard to the legal and operational requirements of implementing the options under consideration, as well as the importance of generating practical recommendations. It will also take into account the findings of ongoing EU and international work and inform the UK Government's approach to international discussions on the financial system.

The commission is required to have regard to the Government's wider goals of financial stability and creating an efficient, open, robust and diverse banking sector, with specific attention paid to the potential impact of its recommendations on:

financial stability;lending to UK consumers and businesses and the pace of economic recovery;consumer choice;the competitiveness of the UK financial and professional services sectors and the wider UK economy; andrisks to the fiscal position of the Government.

The Government look forward to receiving the ICB's final report on 12 September 2011. The Government will then decide on the right course of action.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.