Banking Reform

Keith Vaz Excerpts

Thursday 14th June 2012 Commons Chamber

[Mr Hoban]

My hon. Friend makes a good point. As I have said, the Bank and the FSA are looking at prudential and conduct requirements to ensure that they are proportionate. However, the other thing I would say is that the implicit guarantee enjoyed by our bigger banks distorts competition. Our reforms tackle that, helping to create a more level playing field for new entrants and enabling them to compete properly with established players.

[Keith Vaz (Leicester East) (Lab)]

The Minister will know that four weeks ago today the liquidation of the largest bank to have gone bust in Britain—BCCI—was completed, after 21 years. The foundation of the system introduced by the last, Labour Government was the Bingham report. The first part has been published; the second part is still confidential. As far as I know, only successive Chancellors have read it. Has the Minister read the second, confidential part, and does he not think it is time to publish it, so that we can have a proper understanding of the reforms that he has set before the House today?

[Mr Hoban]

I know that the right hon. Gentleman has raised this matter on a number of occasions, and I am not going to give a different answer from those that I or the Chancellor have given before.