ICB member in pledge on greater transparency over investments

BILL Winters, a member of Chancellor George Osborne's Independent Commission on Banking, has pledged to ensure banks emphasise greater transparency over the investment risks they take.

The ICB is undertaking a review the UK's banking system before the coalition government decides on how to make banks safe from future crises, and if the banks need to be broken up separating "casino" wholesale operations from retail lenders.

Mr Winters was in Edinburgh as part of the series of ICB meetings being held across the country.

Hosted by the David Hume Institute, the well-attended event last night gave audience members the opportunity to question Mr Winters and members of a panel which included Archie Kane, the group executive director of Lloyds Banking Group, Dr Andrew McLaughlin, the group chief economist for the Royal Bank of Scotland, Professor Marcus Miller of Warwick University and Bill Jamieson, executive editor of The Scotsman.

Mr Kane admitted that greater transparency over risk and remuneration was a "key to rebuilding trust in the banks".

Mr Winters also said the notion of adopting an "iron curtain" between retail and wholesale banking operations will be considered by the ICB as it debates potential bank break-ups.