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15/06/2011
Osborne To Press Banks Ring-Fencing Option
Chancellor George Osborne is expected to push proposals ahead for banks to ring-fence retail from investment banking.
In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
The plan comes following recommendations of a legal separation from the Independent Commission on Banking.
The privatisation of Northern Rock will also be announced. It was nationalised back in February 2008, in the early stages of the financial crisis.
Mr Osbourne has not confirmed the minimum figure he will impose, but Treasury sources suggest it will be around 10%.
(BMcN/GK)
In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
The plan comes following recommendations of a legal separation from the Independent Commission on Banking.
The privatisation of Northern Rock will also be announced. It was nationalised back in February 2008, in the early stages of the financial crisis.
Mr Osbourne has not confirmed the minimum figure he will impose, but Treasury sources suggest it will be around 10%.
(BMcN/GK)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
