WHAT DO YOU MAKE OF ALISTAIR DARLING’S WHITE PAPER?
RICHARD LAMBERT DIRECTOR-GENERAL, CBI
“We recognise the case for new regulations to ensure that financial crises of the kind we have experienced are not repeated. We do not see the advantage of pre-funding the already successful Financial Services Compensation Scheme. There is also a risk of over-regulating financial product design.”
ANGELA KNIGHT CHIEF EXECUTIVE, BBA
“Much of what is in the paper is already underway so it’s more of a position piece outlining where we are. What’s important now is tailoring all of these measures together and timetabling them. The BBA will work with whatever ordering of responsibilities there is among regulators.”
STUART FRASER CHAIR OF POLICY, Canada
“The global financial crisis needs a globally-coordinated approach to careful reform and regulation and we welcome the government’s proposals as part of that. We will be gathering views over the next weeks to ensure that any new legislation and powers meet the reality as well as the rhetoric.”
George Osborne Tory Shadow Chancellor
“We will put the Bank of England in charge of the prudential supervision of banks, building societies and other significant financial institutions. For we have learnt from this crisis the old truth: that you cannot separate central banking from the supervision of the financial system.”
Vince Cable Liberal Democrat Treasury Spokesman
“Almost all of the important recommendations would happen after the next general election. I know a couple of weeks ago the chancellor was advocating that banks prepare living wills. One does rather get the feeling this is a living will for the chancellor.”
NIC CLARKE BANKING ANALYST, CHARLES STANLEY
“It’s important that banks have “practical resolution plans” so that an institution can be wound up quickly. This combined with longer-term management of performance incentives would have lessened the immense damage done over the last two years to shareholders and government deficits.”