A retail ring-fence for the UK

The UK's Independent Commission on Banking (ICB) disclosed in its interim report in April that it wants two principal changes to the structure and regulation of the country's banking system: a ‘ring-fence' between integrated financial groups and their UK retail operations, and minimum ratio of Tier I capital to risk-weighted assets of 10% for these domestic operations, against the Basel III number of 7%. Avoiding what it calls the radical alternative of recommending that banks be split up, the

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