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G20

I welcome many of the Prime Minister’s comments, in particular those about protectionism and rolling back those areas where protectionist measures have already been taken. I take great encouragement from the Prime Minister’s positive statements about the Doha round and the need to address imbalances. On both sides of the House we accept the need for growth in global economic activity, although on this side we believe that the policies the Government are currently pursuing are alien to good growth outcomes. However, the Prime Minister overstates the achievement in the banking industry. I express my grave concern at the lack of real progress. The Prime Minister referred to Basel III being completed within 18 months. With all respect to the Minister, nothing has been achieved under Basel III, which is not due to be implemented until 2018 and, in some respects, 2023. Not a single bank has had to increase its capital as a result of Basel III. We have seen no material progress on the identification and agreement of process for globally systemically important financial institutions. We have seen no progress on the agreement of a net stable funding ratio. These are all critical to creating a more stable banking system. Is the noble Lord pleased with the progress that has been made under Basel III? If so, could he identify the tangible things that have happened as a result of it?