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uk banking regulation reform June 6, 2008

Posted by Bradley in : Uncategorized , trackback

The Chancellor in Parliament yesterday:

Yes, the banking reforms are necessary, but we have just finished a period of consultation and spoken extensively to banks and other institutions about the reforms that we need. We want to get the reforms right, and the overwhelming view of the British Bankers Association, which is working co-operatively with us, is that we can see where we want to get to. We need to get the detail right, but I intend to introduce legislation during this parliamentary Session. I hope that that legislation will receive all-party support, because the sooner we get it on to the statute book, the better. Of course, the Banking (Special Provisions) Act 2008 that we put on the statute book following the taking into public ownership of Northern Rock will help, in that it provides powers that the Government and the other authorities simply did not have before then.

I’m sure we all feel a lot better now.

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