Change to the way banks are regulated is vital to ensure that there is no repeat of the recent crisis, Andrew Tyrie, the chair of the UK parliament's influential Treasury Select Committee, has told Central Banking journal.

In an interview published in the February edition of the journal, Tyrie said: "Carrying on as we are, with a virtually unchanged banking model regulated broadly as it has been regulated and relying on Basel, would carry considerable risks."

To this end, it was some comfort