video transcript

Britain's parliamentary commission on banking standards attacks the government watering down banking reforms the government should be listening since breaking news. With me is separate these -- -- -- get it get to see you again -- arm but they're not listening right well I don't know aren't enough. That's that is part of the problem if they except to some of the recommendations of this commission which has been down from six months. But the lower the out of more interest and recommendations they haven't taken on board. It seems a little farfetched. To say or at least inch a split of all the banks if one bank. Breaks the rules and that seems a little bit too -- They might be put on the other hand I think it philosophically it's more or less the same thing if you think that it's one bank is gaming. The the rules is trying to find a way around the ring fence. Then you might think well from the -- -- -- -- -- and that and that way. They do need those -- if they think it's going to be that easy to get a nice follow rules. -- -- Obviously the argument again still is putting British banks and dentists and volunteers uncertainty for investors makes it more difficult for the banks to raise capital. For how long can make push that argument and get away. Well funny enough bustle of the British Bankers' Association said and the British Bankers' Association is the is an open Corey for the banks but. The commission has been cleared to bash the BP A for not representing. States members interest in this case because. Actually if you look at most of the responses from the chief executive -- the chairman of these banks what they say is. We don't think the ring fencing is up problematic we think that when necessary creates uncertainty. And therefore you know what they don't they don't mind about it too much control. And -- what do you think is going to happen now I'm a guy that is going to be bases in parliament today. It's it's a step but but what what happens that. So the house of commons right summit today it looks likely that they will voted through and say OK the ambulance as it is -- fine. Then it goes to the house of Reynolds now that's where it. It may get pushed back because households hounds. He among its members has little tools and he sucked on the commission. It also has on the other. Members of the commission as well he may say. You know well you really do need to listen to what we've had to say it's important then it goes back to -- -- Karen and and to make it it's embarrassing about point. Well just to finish up with a and its incidence of -- hypothetical but. You guys economists. Are into that businesses are well well well we'd be fine years from now in this industry and where will the UKA and the UK's banks -- And yes -- five years from now -- when -- of the Basel III rules should be. Implemented by safe sex and -- what I think I think they'll still be. Few a few performed tweaks here and that that the movement -- we may be looking at some more specifics. We may be looking at kind of winds -- industry reviews but I think there will still be a lot going on I'm afraid. Compensation when -- going away what. Well I guess who what I what I'm getting it will -- the other line between the UK banks and the rest I think. There will be some clear divisions between the European banks -- US banks there are few things that I'll still. Yet to play out the main parlance things a bit more evenly -- at a moment it looks like US banks will be much less heavily regulated and a European. And specifically UK -- is. -- on the many things that Dominic alias from breaking views to more -- sitting inside what shot US breaking news show every day 1230 -- and 1730 GMC. IMAX -- sports.