Downing Street Says » Banking reform

» Monday, December 19, 2011

Banking reform

Asked if European regulations really were an obstacle to implementing the Vickers recommendations on banking reform, the PMS said the point made by the Prime Minister was that there was some legal uncertainty about whether or not individual countries could go further on financial regulation in certain areas. He added that the Chancellor would set out the detailed response to Vickers this afternoon.

Asked about comments from Michel Barnier, the European Union internal market commissioner, that there were no barriers, the PMS said there was some legal uncertainty.

Asked if it was the case that banking reform laws would be passed by 2015 and then implemented several years after, the PMS said the Chancellor would set out the detail to Parliament this afternoon.

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