BSA response to ICB Interim Report
Adrian Coles, Director-General of the Building Societies Association responded to the publication of the Independent Commission on Banking Interim Report:
“The BSA has been calling for reform of the banking sector in the UK to prevent dominant shareholder owned banks benefiting from implicit Government guarantees that enable them to distort the markets in which they operate. We are pleased to see that this is so strongly picked up in the ICB interim report.”
“We believe that a strong mutual sector – which didn’t cause the financial crisis -should remain a firm fixture in the competitive landscape, providing both choice and service to consumers, and are glad that the stability and competitive reform measures proposed in the interim report appear favourable to this.”
“We are pleased to see that the ICB has highlighted in respect of financial mutuals ‘Regulators should take care that prudential requirements do not result in the unintended consequence of reducing consumer choice and business diversity by rendering certain business models unviable’.'”
~ Ends ~
Notes to Editors
1. The BSA submission to the ICB Issues Paper (November 2010) can be viewed here – www.bsa.org.uk
2. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 48 UK building societies. Mutual lenders and deposit takers have total assets of over £365 billion and, together with their subsidiaries, hold residential mortgages of almost £235 billion, 19% of the total outstanding in the UK. They hold more than £245 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
3. Photographs of Adrian Coles are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
4. Contact – Fiona Cornes – fiona.cornes@bsa.org.uk / 020 7520 5926
5.
Katie Wise (nee Errington)
Policy and External Affairs Officer
Building Societies Association
6th Floor, York House
23 Kingsway
London
WC2B 6UJ
Tel: 020 7520 5904
Fax: 020 7240 5290
Email: katie.wise@bsa.org.uk
Web: www.bsa.org.uk
Join us at the BSA Annual Conference in Birmingham, 4 & 5 May 2011.
www.bsaconference.org
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