Tyrie: banking commission must be more transparent

CRUCIAL reforms to the British banking system are being put together in too much secrecy, an influential committee of MPs has said.

The Treasury Select Committee, led by Andrew Tyrie MP (pictured), released a report on the Vickers Commission yesterday warning that the reforms risk lacking “public credibility and acceptability” if they are not discussed more openly.

“The debate on the merits or otherwise of the ICB (Independent Commission on Banking) proposals must take place openly and transparently in the public eye,” the TSC says. “The taxpayer deserves a full and public debate about the future direction and shape of our banking system.”

The report also says that the ICB needs to perform more detailed analysis of its calculation of the “implicit subsidy” that banks receive due to an effective government guarantee. It also calls for the commission to publish more of the background thinking behind its decisions.