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Banks’ retail operations to be ring-fenced

Chancellor of the Exchequer, George Osborne, will today confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking activities, the BBC has reported.

In his Mansion House speech to be delivered this evening, Mr Osborne will also set out new capital requirements for banks above the current international minimum of 7%, Treasury sources have told the BBC.

Both the ring-fencing and higher capital requirements are recommendations of the Independent Commission on Banking, which will deliver its final report on 12th September.

Finally, the Chancellor’s speech will include details of the sale of the “good bank” element of Northern Rock, the BBC reports.

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