Banking will never be the same: BoE's Besley

The credit crisis has irrevocably and fundamentally altered the banking system and its regulation, Tim Besley, a member of the Bank of England's Monetary Policy Committee, has said.

Speaking at the London School of Economics on Tuesday, Besley said that "nobody should expect a return to the kind of business as usual of the early part of the millennium. The 'originate and distribute' model of bank finance needs rethinking."

Bank officials have previously stressed the merits of securitisation d