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Angela Knight, chief executive of the British Bankers' Association said:
“We welcome the issues paper by the Independent Commission on Banking and the opportunity to contribute to the debate on the future structure of the UK banking industry. We look forward to a measured, rational and objective consideration of how we can work together to improve the banking industry in the UK.
“We believe the UK industry has already taken significant steps to improve its financial position. Our retail banks – as independent research has shown - also already provide customers with more choice, greater protection and offer better value for money than in other countries.
"The Comission desires to see a more resilient financial system where no bank need be viewed as too big to fail and where there is no return to the type of taxpayer support needed during the recent financial crisis.
"A vast amount of work is being undertaken on this. We have just seen agreement on a new capital and liquidity accord - UK banks are already holding twice as much capital as previously and several times more liquidity. Work has also been undertaken on corporate governance, accounting and risk, and we are in discussion on recovery and resolution plans and other contingent measures recognised in the report.
"We believe that when you look at the issues the Commission identifies, and place them against the experience of the crisis, then we have the potential for constructive solutions that take us where we ought to be."
