Kevin Brennan
Main Page: Kevin Brennan (Labour - Cardiff West)Department Debates - View all Kevin Brennan's debates with the HM Treasury
(11 years, 10 months ago)
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Kevin Brennan (Cardiff West) (Lab)
Is not the truth that, by failing to take full reserve powers, the Chancellor has not so much electrified the ring fence as raised it by a mere millimetre? Why were the full recommendations of the commission not implemented?
Greg Clark
We have addressed that point. Obviously, it is the behaviour of any particular bank that will cause problems, and the sanctions against such behaviour are clear. If a bank breaches the ring fence that has been established, it will be split up. That is as clear as day to the directors of every bank, who, by the way, will now have a personal responsibility to respect the ring fence.