Parliamentary commission on banking motion

On 16 July 2012, MPs formally approved the creation of the parliamentary commission on banking standards without a vote.

Last week, Chancellor George Osborne defended the MPs chosen to investigate the banking scandal, amid claims the probe will be a "whitewash".

Mr Osborne said the members chosen were "a really good set of MPs" who could "get to the bottom of what happened".

The inquiry was set up after the Barclays Libor rate fixing revelations.

The panel includes Labour's Andy Love and Pat McFadden, Conservative MP Mark Garnier and John Thurso from the Lib Dems - all members of the Treasury Committee.

They will be chaired by Tory MP and Treasury Committee chairman Andrew Tyrie. Five members of the House of Lords will also join the panel.

There was controversy when two members of the Treasury Committee, Labour's John Mann and Conservative Andrea Leadsom, were omitted from the panel.