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Ministerial statement on Monday, 19 December 2011, in the House of Commons, led by George Osborne.

Banking Commission Report

Statement on the government response to the recommendations of the Independent Commission on Banking.

Secondary information

Type
Parliamentary proceeding
Reference
537 c1069-92 
Session
2010-12
Department
Treasury
Chamber / Committee
House of Commons chamber
Proceeding contributions
George Osborne | 537 c1090 (Link to this contribution) I am happy to consider my hon. Friend's views, but we are equally clear that the depositor preferenc...
George Osborne | 537 c1090-1 (Link to this contribution) We want to see more competition, which is why we proceeded with the sale of Northern Rock and why we...
Show all contributions (105)
Tony Baldry | 537 c1091 (Link to this contribution) Small businesses in Banbury, Bicester and elsewhere will welcome the enhancement of competition in h...
George Osborne | 537 c1091 (Link to this contribution) I can absolutely assure my hon. Friend that we will stand our ground. While I have been on my feet, ...
Glyn Davies | 537 c1091 (Link to this contribution) Notwithstanding the benefit to individual taxpayers, the banking sector is unlikely to welcome the s...
George Osborne | 537 c1092 (Link to this contribution) I think credit unions and small building societies have a key role to play, whether it be in Pendle ...
Andrew Stephenson | 537 c1091-2 (Link to this contribution) Given the dominance of the four largest banks in the UK, does my right hon. Friend agree that, in ad...
Philip Hollobone | 537 c1092 (Link to this contribution) My Kettering constituents would like to see more competition between the high-street banks. At the m...
George Osborne | 537 c1092 (Link to this contribution) We have not much mentioned today the report from the Financial Services Authority, which is about en...
Tobias Ellwood | 537 c1092 (Link to this contribution) I welcome these recommendations for regulation. It might come as a surprise or, indeed, a shock to M...
George Osborne | 537 c1092 (Link to this contribution) I would like to see them fall, which is why we are keen to get challenger banks out there. It is why...
George Osborne | 537 c1088 (Link to this contribution) The banks themselves—inasmuch as we are talking about shareholders who own them—will benefit from a ...
Stephen McPartland | 537 c1088 (Link to this contribution) Does the Chancellor agree that there is no painless way of reforming the banks and that the banks ha...
George Osborne | 537 c1088 (Link to this contribution) The reforms will make the UK an attractive location for international financial services, which will...
David Nuttall | 537 c1088 (Link to this contribution) Given that the UK's four largest banks hold seven out of 10 personal current accounts and eight out ...
George Osborne | 537 c1088 (Link to this contribution) The financial compensation scheme is very clear. We cover 100% of eligible deposits, up to £85,000 i...
Julian Brazier | 537 c1088 (Link to this contribution) I welcome my right hon. Friend's excellent statement, and I also understand why progress on ring-fen...
George Osborne | 537 c1088 (Link to this contribution) One of the things we are considering is whether there should be a de minimis exemption from the regu...
Matt Hancock | 537 c1089 (Link to this contribution) I very much welcome the report, which, along with all the other measures, I hope will help to change...
Jason McCartney | 537 c1089 (Link to this contribution) Does the Chancellor agree that the high street banks have a key role to play in regenerating our tow...
George Osborne | 537 c1089 (Link to this contribution) We expect the bonus pool to be lower than last year and very much lower than four or five years ago,...
Charlie Elphicke | 537 c1090 (Link to this contribution) May I urge the Chancellor to consider a whole in-country depositor preference system, such as that i...
George Osborne | 537 c1090 (Link to this contribution) There will be, and part of the new regime will involve a specific authority looking at competition a...
Baroness Morgan of Cotes | 537 c1090 (Link to this contribution) I welcome the emphasis in the Chancellor's statement on more choice and competition, which will bene...
George Osborne | 537 c1090 (Link to this contribution) There will be clear definitions in the legislation. To be fair, what John Vickers recommended, and w...
David Mowat | 537 c1089-90 (Link to this contribution) There is no agreed definition of which bank functions may be included in the ring fence, and which m...
George Osborne | 537 c1089 (Link to this contribution) There is nothing specifically about that in the Vickers report, but the Financial Services Authority...
David Hamilton | 537 c1089 (Link to this contribution) On the subject of the personal responsibility of directors, I should like to draw the House's attent...
George Osborne | 537 c1089 (Link to this contribution) Yes, I do, and, to be fair, the banks themselves acknowledge that they withdrew from the high street...
George Osborne | 537 c1086 (Link to this contribution) The good news is that I have read the report. The bad news, from the right hon. Gentleman's point of...
Keith Vaz | 537 c1086 (Link to this contribution) On 16 June 2010 the Chancellor told me that he would read the confidential parts of the Bingham repo...
George Osborne | 537 c1086 (Link to this contribution) The RBS-ABN AMRO deal stands out as the moment of greatest folly in banking regulation, not just bec...
Steve Baker | 537 c1085 (Link to this contribution) Chapter 3 of the Government's report, on loss absorbency, seems, perhaps reasonably, to take for gra...
Michael McCann | 537 c1085 (Link to this contribution) I welcome the Chancellor's conversion on bank regulation. I remind him that there are more bankers a...
George Osborne | 537 c1086 (Link to this contribution) That is an issue that some building societies have raised with us. That is why we say in the report ...
Lord Harrington of Watford | 537 c1086 (Link to this contribution) On behalf of my knees, Mr Speaker, I thank you. [Laughter.] I commend the Chancellor on his statemen...
George Osborne | 537 c1085 (Link to this contribution) There is a debate to be had about international accounting rules and their impact on the financial c...
Lord Brennan of Canton | 537 c1086 (Link to this contribution) What assessment has the Chancellor made of the proposal in the ICB report to apply a blanket leverag...
Speaker | 537 c1086 (Link to this contribution) Order. I think the hon. Member for Watford (Richard Harrington) has set a trend of leaning forward e...
George Osborne | 537 c1087 (Link to this contribution) My hon. Friend is right, and she speaks up well for her constituents, who want greater choice on the...
George Osborne | 537 c1087 (Link to this contribution) If the hon. Gentleman examines what the Government and I have done over the past 18 months, he will ...
Duncan Hames | 537 c1087 (Link to this contribution) The public are impatient for reform and proper regulation of our banks, so I applaud the Chancellor'...
George Osborne | 537 c1087 (Link to this contribution) We have made a clear commitment—Sir John Vickers set the back-stop at 2019, but we have said that we...
Gregg McClymont | 537 c1087 (Link to this contribution) How much money has the City of London donated to the Conservative party since the general election?
George Osborne | 537 c1083 (Link to this contribution) A key part of the Vickers report was that the location of the ring fence would be flexible. Certain ...
William Bain | 537 c1083 (Link to this contribution) Has the Chancellor assessed the impact on levels of net lending to business of corporate deposits, e...
George Osborne | 537 c1083 (Link to this contribution) Actually, we are quite happy for the right hon. Gentleman to stay where he is, so I retract my previ...
George Osborne | 537 c1083 (Link to this contribution) Two of those three politicians are now busy earning quite a lot of money in the financial sector to ...
George Osborne | 537 c1083 (Link to this contribution) We have required all the major banks in Britain to sign up to the tax code that the previous Governm...
Michael Fallon | 537 c1083 (Link to this contribution) Does the Chancellor agree with me that if the three politicians identified as culpable in the Royal ...
George Osborne | 537 c1082 (Link to this contribution) In certain respects, they will be more regulated compared with some other regimes. Obviously, the ri...
Ann McKechin | 537 c1083 (Link to this contribution) The Chancellor rightly attacked casino banking. Does he not agree that now is the time to restrict U...
Edward Leigh | 537 c1082 (Link to this contribution) After these reforms, will our banks be more or less regulated than their international competitors?
George Osborne | 537 c1084-5 (Link to this contribution) We are confident that the sale proposed by Lloyds of 600 branches to the Co-op will create a suffici...
Andrew Love | 537 c1084 (Link to this contribution) The House is not clear from an answer that the Chancellor gave to my right hon. Friend the Member fo...
George Osborne | 537 c1085 (Link to this contribution) I do not think that it will discourage corporate lending, nor do I think that it will make the UK an...
Denis MacShane | 537 c1084 (Link to this contribution) Given that the Government are not spending and banks are not lending, is the Chancellor at all worri...
George Osborne | 537 c1084 (Link to this contribution) At times it feels like the current war as well. I do not think that the effects of the financial cri...
Andrea Leadsom | 537 c1084 (Link to this contribution) The Vickers proposals definitely make banks more robust and more resolvable, but does my right hon. ...
George Osborne | 537 c1084 (Link to this contribution) There is a specific reference to full account portability in the report, as my hon. Friend will see ...
Baroness Burt of Solihull | 537 c1083 (Link to this contribution) I welcome the coalition Government's commitment to implementing the recommendations of the Vickers r...
George Osborne | 537 c1083-4 (Link to this contribution) The intention is to make sure that the taxpayers of Solihull are better protected against the failur...
Frank Dobson | 537 c1081 (Link to this contribution) Will the Chancellor of the Exchequer confirm that nothing he has announced today will for the next f...
George Osborne | 537 c1081-2 (Link to this contribution) There are things that we have done and are doing now to make our banking system safer. Banks are req...
William Cash | 537 c1082 (Link to this contribution) To protect the City of London, will the Chancellor follow the example of the Prime Minister when he ...
George Osborne | 537 c1082 (Link to this contribution) We need legislation that works effectively for British banks across Europe; British banks have subsi...
Dennis Skinner | 537 c1082 (Link to this contribution) Is there not a possibility that if the banks are split up, there will be more top bankers than there...
George Osborne | 537 c1082 (Link to this contribution) I do not think that it automatically follows that if we ring-fence the banks, we double the number o...
George Osborne | 537 c1081 (Link to this contribution) The hon. Gentleman asks me not to undermine the independence of the board and, then, to provide all ...
Stewart Hosie | 537 c1081 (Link to this contribution) I thank the Chancellor for the statement, and for much of what was in it on Lloyds divestment, compe...
George Osborne | 537 c1081 (Link to this contribution) I do not think that I have received a single submission on banking reform from the shadow Chancellor...
Adam Afriyie | 537 c1081 (Link to this contribution) Given the shadow Chancellor's involvement in the biggest banking crisis in the history of our countr...
Ed Balls | 537 c1073-5 (Link to this contribution) Let me start by thanking the Chancellor of the Exchequer for advance notice of his intention to give...
George Osborne | 537 c1075-6 (Link to this contribution) First, I apologise if the right hon. Gentleman did not get the statement far enough in advance for h...
George Osborne | 537 c1069-73 (Link to this contribution) The Government are proposing the most far-reaching reforms of British banking in our modern history....
George Osborne | 537 c1077 (Link to this contribution) I will consider the case for pre-legislative scrutiny, and the House will consider it, closer to the...
Lord Darling of Roulanish | 537 c1078 (Link to this contribution) I welcome the Vickers report and I am glad to hear that it is being implemented, but will the Chance...
George Osborne | 537 c1076-7 (Link to this contribution) Well, we have tried the right hon. Gentleman's approach and look what happened: the entire banking s...
Lord Lilley | 537 c1077 (Link to this contribution) I am grateful to my right hon. Friend for his welcome for the Joint Committee report on the financia...
Stuart Bell | 537 c1079 (Link to this contribution) Building on my right hon. Friend the shadow Chancellor's statement on bank lending to the small and ...
Speaker | 537 c1079 (Link to this contribution) Order. If I am to accommodate the level of interest in the statement, I will from now on require bre...
George Osborne | 537 c1078 (Link to this contribution) I can assure the former Chancellor that we are still on speaking terms. Indeed, I had an hour and a ...
Lord Tyrie | 537 c1078-9 (Link to this contribution) The House and the Chancellor will have heard the remarks made across the House about the need to str...
George Osborne | 537 c1079 (Link to this contribution) It is precisely to avoid a procyclical impact that the backstop for capital requirements is 2019, so...
Speaker | 537 c1079 (Link to this contribution) Order. Still on the subject of brevity, I now turn to the person I would describe as the emeritus pr...
Lord Redwood | 537 c1080 (Link to this contribution) Will the Chancellor take urgent action with RBS to create three new competitor banks from its assets...
Malcolm Wicks | 537 c1080 (Link to this contribution) Given the interesting speech recently made by the Prime Minister on the importance of Christian valu...
George Osborne | 537 c1080 (Link to this contribution) I would not say that what we are undertaking is of biblical proportions, but we are acting now to de...
Stephen Williams | 537 c1080 (Link to this contribution) I congratulate my right hon. Friends the Chancellor and the Business Secretary on working together t...
George Osborne | 537 c1080 (Link to this contribution) I have already set out the Government's view on the Royal Bank of Scotland, and the issue of what to...
George Osborne | 537 c1080-1 (Link to this contribution) Getting a lecture on ““splitism”” from the shadow Chancellor, who has been the biggest source of div...
George Osborne | 537 c1091 (Link to this contribution) I believe this is quite a complex operation. We have looked at this, as has John Vickers—and he thou...
Jim Shannon | 537 c1088 (Link to this contribution) I welcome the Chancellor's statement. Will he confirm that the legislation will apply to mutual soci...
George Osborne | 537 c1085 (Link to this contribution) The 2019 timetable was recommended by John Vickers in the report. People should be clear that that i...
Jessica Lee | 537 c1086-7 (Link to this contribution) Does my right hon. Friend agree that one key conclusion of the report is about customers' ability to...
Lord McCabe | 537 c1087 (Link to this contribution) Will the Chancellor give the House a categorical assurance that he has now fully recovered from his ...
Mark Field | 537 c1085 (Link to this contribution) The Chancellor has acknowledged that the Vickers recommendation would gold-plate the already onerous...
Brandon Lewis | 537 c1090 (Link to this contribution) Does my right hon. Friend agree that the ring-fencing outlined in the proposals will not only protec...
Speaker | 537 c1087 (Link to this contribution) Order. In framing his response, the Chancellor of the Exchequer should be aware that if it is relate...
George Osborne | 537 c1079 (Link to this contribution) As I have said, I will return to the House early in the new year to address the issues that my hon. ...
George Osborne | 537 c1080 (Link to this contribution) I have set out our view as the largest shareholder of RBS. We have to be careful of the shadow direc...
Subjects
Costs Bank services Banks Competition Finance Incentives Standards Regulation Government responses Royal Bank of Scotland Financial Conduct Authority Independent Commission on Banking Payments Council
Contains statistics
Yes
Link
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