2 November 2009
Global regulation – a work in progress
Commenting on the speech Lord Turner gave at the Turner Review
Conference today discussing potential solutions to the problem of
banks being ‘too-big-to-fail,’ the Policy Chairman at the City of
London Corporation Stuart Fraser, said:
“Lord Turner's approach today is a welcome, measured and
comprehensive overview of the state of the debate on "too big to
fail" banks and the options for tackling this issue.
“In many ways, Lord Turner’s speech shows the level of progress
that has been made on the global stage during the past 12
months.
“World leaders have recognised the need to put national
self-interest to one side and have worked together to produce a
global consensus on a wide range of issues, most notably capital
and liquidity requirements.
“However, Lord Turner’s comments also make quite clear, how much
work there is still to be done – our response to problems such as
‘too-big-to-fail’ banks will help shape the economic stability and
future prosperity of countries across the world.
“As the worst of the crisis passes, it is imperative that the
domestic and international momentum for reform continues and that
we find the right solutions to the important questions.
“We must guard against complacency. International agreements,
though admirable and absolutely necessary, are not sufficient in
themselves – they must be incorporated into domestic legislation in
a way that is compatible with the broad principles and spirit of
the agreement and that does not allow one country to gain an unfair
competitive advantage over others.
“As always, the proof of the pudding will be in the eating.”
Ends
Notes to editors
About the City of London:
The City of London Corporation is a uniquely diverse organisation.
It supports and promotes the City as the world leader in
international finance and business services and provides local
services and policing for those working in, living in and visiting
the Square Mile. It also provides valued services to London and the
nation. These include the Barbican Centre and the Guildhall School
of Music & Drama; the Guildhall Library and Art Gallery and
London Metropolitan Archive; a range of education provision
(including three City Academies); five Thames bridges (including
Tower Bridge and the Millennium Bridge); the Central Criminal Court
at Old Bailey; over 10,000 acres of open spaces (including
Hampstead Heath and Epping Forest), and three wholesale food
markets. It is also London’s Port Health Authority and runs the
Animal Reception Centre at Heathrow. It works in partnership with
neighbouring boroughs on the regeneration of surrounding areas and
the City Bridge Trust, which it oversees, donates more than £15m to
charity annually.
About Stuart Fraser:
Stuart Fraser is Chairman of the Policy and Resources Committee of
the City of London Corporation. View his
biography
For further details please contact:
James Abbott
Press Officer – the City of London Corporation
07831 543 188
020 7332 1754
james.abbott@cityoflondon.gov.uk