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Emergency Motion - Fairness in the Banking Sector

Emergency Motion - Fairness in the Banking Sector

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Published by Prateek Buch

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Published by: Prateek Buch on Mar 07, 2011
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03/07/2011

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Emergency Motion
– 
Fairness in the banking sector
Conference notes1a)
 
the
importance of a healthy banking system to the future of Britain’s economy
2b)
 
the regrettable failure of 
decades of ‘light
-
touch’
regulation that socialises risk and privatises3extraordinary profits at the expense of sustainable investment and growth.4c)
 
that Liberal Democrats have long emphasised the need to tackle disproportionate rewards5for risky financial behaviour and the concentration of power in the hands of a few in the City6of London7d)
 
that the Independent Banking Commission is likely to postulate significant reforms later this8year.9Conference therefore welcomes the aims of the
recent ‘Project Merlin’ agreement
with t
he UK’s
10leading banks to:11
 
Increase the credit available to British businesses12
 
Improve transparency over executive pay13
 
Reduce the overall bonus pool.14However, Conference is concerned that15i)
 
the
Merlin
reforms are insufficient16ii)
 
the language of the
‘Merlin’
agreement is weak and will be hard to enforce, particularly17with regards to net lending to business and
transparency on bankers’ remuneration,
18with no disclosure requirement for the highest earners not on the Board.19Conference therefore calls on Liberal Democrats in Parliament, and most importantly those in20Government, to ensure that the recommendations of the Vickers Commission are carried out21promptly and in full. Conference calls for:22A)
 
Banks supported by the taxpayer to be broken up into smaller, safer entities, with effective23competition restored and full disclosure of all pay packages larger than that of the Prime24Minister while they remain State-owned.25B)
 
All large-scale banks to divest their investment banking arms, with no explicit or implicit26State guarantee for this activity.27C)
 
Pay transparency to be extended to highly paid traders and other employees, not just28Executives, with salary and bonuses that exceed an agreed ratio to median salary to be29published alongside an explanatory justification.30D)
 
Large financial institutions to hold greater capital reserves and to make ‘living will’
31arrangements to act as stabilisers in the event of further market failures such as those seen32during the recent financial meltdown.33E)
 
The imminent Green Investment Bank to be a fully functional bank and not a fund, securing34much-needed investment in low-carbon technology and jobs.35F)
 
Measures to tackle financial exclusion for individuals and small business, with a Basic36Banking Guarantee; a public bank administered through Post Offices; a commitment from37high street banks to provide fee-free ATMs within walking distance of all deprived38communities; as well as reducing unfair bank, credit card and loan charges.39

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