Independent Commission on Banking Publishes Final Report

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The Independent Commission on Banking (ICB) published its Final Report on September 12. The Final Report recommends that UK retail banking activities should be ring-fenced into separate subsidiaries and the imposition on both banks and other financial conglomerates of capital requirements that are substantially stricter than those required by Basel III standards.

The ICB's main recommendations are consistent with those of its April 2011 Interim Report (as reported in the April 15, 2011 edition of Corporate and Financial Weekly Digest). The likely implementation date for the recommendations is in 2019.

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