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SCOTTISH CHAMBERS OF COMMERCE RESPOND TO INDEPENDENT COMMISSION ON BANKING FINAL REPORT

[ 12-09-2011 ]

Commenting on publication today of the final report of the Independent Commission on Banking, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said: 
 
“This report is welcome and we agree with the Commission’s aims to improve stability and competition in the banking sector in this country.
 
“The proposals to improve competition in the banking sector are welcome and we hope they will lead to improved customer experience for both individuals and small businesses engaging with banks.
 
“We are also pleased that the issue of structural reform, and the question of banks ring-fencing their retail activity to protect depositors, has been tackled so responsibly by the Commission.  We look forward to seeing the banking sector working with Government and stakeholders to implement reforms that will provide security for customers while enabling the banks to operate as successful, growing businesses making a positive contribution to the UK economy. 
 
“We are concerned, however, that the recommendation that large retail banks must increase their liquidity beyond even the requirements of the Basel III agreement, should not lead to the restriction of the amount of lending that banks can undertake.  SMEs are already struggling to access finance; in implementing these reforms, banks and Government must have regard to the  wider economy and the ability of banks to play their role in enabling businesses to grow.”

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