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Banking regulation white paper / EU banking regulation - A busy day

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The Treasury's white paper on banking regulation is to be published later today. Most papers carry leaks or guesses at what it will contain. The FT says that the tripartite arrangement will not be abolished, but that the FSA will be given new statutory responsibility for banking stability. The chancellor, it says, "will tip-toe around the turf war between the Bank and FSA over who should take the lead in so-called macroprudential regulation, under which the authorities would rein in lending if they believed asset bubbles were forming". Mr Darling "will say that the thinking on how such regulation would work and what would be the pitfalls is not sufficiently advanced for specific policies before the next election". An inside pages article by Chris Giles offers further detail. The Times leads with a claim that bankers' pay will be capped.


The Telegraph's business pages lead with a story on EU regulation by Ambrose Evans-Pritchard, in which he says that the EU's "regulatory blitz" overshadows the Treasury's White Paper on Wednesday, and "may explain why the Government is delaying the full overhaul of the industry until after the next election".


The FT reports on yesterday's Ecofin meeting, saying that Ministers "backed proposals for urgent reforms to lessen the impact of economic cycles on the banking sector". However, there was "little support for German pleas temporarily to relax bank capital rules to encourage more immediate lending".


A graphic accompanying a preview of the white paper in the Independent shows the possible future organisational structure of the international and domestic financial regulatory framework for Britain.





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