The head of the Independent Commission on Banking, Sir John Vickers, has said that his
long-awaited report on bank reform
should get the taxpayer "right off the hook" in any future banking crisis.
The report calls for far-reaching measures to shield ordinary customers from riskier investment banking. The chancellor has already said that all its recommendations will be implemented, with legislation being introduced in this parliament.
Sir John told Today presenter John Humphrys that the reforms could cost Britain's banks between £4bn and £7bn but might not be fully in place until 2019.
"It's certainly very fundamental and far-reaching. So, it's totally unrealistic to think that can all be put in place in the next, whatever, three years. The final date that we put in our report is the start of 2019 and we do that for a couple of reasons.
"One is that the international regulatory reforms - the so-called Basel process - that's their date for higher capital standards.
"We're recommending that we go considerably beyond those standards in the case of some of the largest UK banks. We're not going to postpone beyond the Basel date but we're saying stick to that Basel date."
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