Linked Data API

Show Search Form

Search Results

1005688
star this property registered interest false more like this
star this property date less than 2018-11-12more like thismore than 2018-11-12
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Commercial Banks remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the progress of UK banks in ring-fencing retail services from investment banking. more like this
star this property tabling member constituency Brentford and Isleworth more like this
star this property tabling member printed
Ruth Cadbury more like this
star this property uin 190479 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>Under the 2012 Financial Services (Banking Reform) Act large UK banks with retail deposits totalling more than £25 billion are required to ring-fence the deposits of individuals and small businesses from other activities within their groups, such as investment and international banking.</p><p> </p><p>All banks within scope of the ring-fencing regime have successfully completed the necessary restructuring of their operations in advance of the regime coming into force in January 2019. This includes moving customers from one part of the bank to another, changing over a million sort codes and the joining of both UK and international payment systems to facilitate operational separation. The banks have also completed large technology migrations as part of the changes to their internal processes</p><p> </p><p>By insulating these core banking services in a separate legal entity, ring-fencing will support continuity of provision of vital services to the economy if there are shocks originating elsewhere in the group and the global financial system. It will also make banks that provide these essential services simpler and more resolvable and therefore prevent the costs of failing banks falling on taxpayers.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2018-11-19T16:22:17.29Zmore like thismore than 2018-11-19T16:22:17.29Z
unstar this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4389
unstar this property label Biography information for Ruth Cadbury more like this