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ICB report: The First Impressions
The Independent Committee on Banking's long-awaited interim report on the future of the U.K. banking sector, at 214 pages, will take some time to fully digest. Financial News has collected some first impressions from across the industry on the ground-breaking report.Douglas McWilliams chief executive Centre for Economics and Business Research, said the report had many flaws, describing the ICB committee - which is [link widoczny dla zalogowanych] comprised of chairman Sir John Vickers, Clare Spottiswoode, Martin Taylor, Bill Winters and Martin Wolf - as "a slightly bizarre committee made up of two ousted bankers, two regulators, and an FT journalist (one of the ousted bankers was also a former FT journalist)."
He said: "This is billed as an interim report,[link widoczny dla zalogowanych], which leaves scope for some improvements before the final version. But the attitudes behind it are depressing. The Treasury's sole aim seems to be to ensure that anything that goes wrong should impose its costs on others. The real problem of customers paying over the odds for financial products is not addressed at all. Government is meant to act on behalf of the public, not be preoccupied with its own problems."The three main issues in the report focused on: ring-fencing retail banking operations; increasing capital requirements; and [link widoczny dla zalogowanych] improving competition.Simon Lewis, chief executive of the Association for Financial Markets in Europe, said the trade body "[welcomed] the ICB's recognition that the universal banking model brings benefits that would be lost through a splitting of retail and investment banking into separate entities. Clearly, the 'ring fencing' proposal will have cost implications for the affected banks and we trust that the ICB will bring forward a full economic impact assessment with its final proposals."
Andrew Gray, U.K. banking leader at PwC: "While ring-fencing certain banking operations could mitigate the risk of contagion, it could also have the unintended consequence of increased costs being transferred to consumers. There will need to be clear rules to ensure the ring fencing works in practice and does not have other undesirable consequences."Christopher Wheeler and Lorraine Quoirez, analysts at Mediobanca: "Investment banking operations will still enjoy a lower cost of funding as part of a well diversified group with a large retail deposit base. As always, the devil is in the detail and there will be a cost, but it will be seen as manageable."Peter Green, partner at international law firm Morrison & Foerster: "At present, there does not [link widoczny dla zalogowanych] seem to be any international consensus that some sort of structural separation is an appropriate response. A partial structural separation is likely to have a major impact on banks both in the costs of implementation and the ongoing additional business and capital costs. This is likely to put them at a competitive disadvantage with other international banks.
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