ICB report: banks face higher costs, lower ratings

Ring-fence furore


John Vickers, chairman of the UK Independent Commission on Banking (ICB), didn’t mince his words. “Our financial stability proposals may increase some banks’ costs of capital and unsecured debt, especially outside the ring-fence. But that is largely a consequence of returning risk-bearing to where it should be – with investors and not taxpayers. This is a benefit, not a cost, to the economy as a whole, and will better discipline risk-taking,” he said on September 12, at the launch of the ICB’s f

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