"My Lords, I have some experience of ring-fencing as, in my capacity as the chairman of the risk committee of a major bank, I oversaw the implementation of ring-fencing. At that time, it was a significant risk to the bank that we would not be in compliance with the ring-fencing …..." Baroness Noakes - View Speech
"My Lords, I understand the point that the noble Lord is trying to make, but I argue that the risk of the taxpayer picking up the tab is now considerably lower, which means that it is reasonable to re-examine whether ring-fencing should be an ongoing part of the regime.
"The Minister and I had a meeting on this last week, so I am surprised that he is raising the issue today. I notified on Friday that I would be continuing the line that I had taken on the first Committee day...." Baroness Noakes - View Speech