Naomi Long MP said: “I welcome the Report and the Chancellor’s statement and hope that the full Government response promised by the end of the year allows rapid progress on the key issues in terms of regulation and consumer protection. This report will be crucial to the restructuring of banking and to ensuring that ordinary account holders and, ultimately, tax payers, are not ultimately held responsible for and financially disadvantaged by the more speculative and high-risk aspects of the investment banking sector in any future crisis. It also proposes ways of creating more customer-focused and competitive high street banking, which would be good for consumers.
“It is important that Northern Ireland MPs are in the House of Commons to raise concerns that relate to our constituents. The availability of lending for business and competition in personal banking are areas of significant concern for businesses and individuals in my constituency; however, in Northern Ireland, they are also impacted upon significantly by the Irish banking system.
“I asked the Chancellor about how the Report will inform his ongoing discussions with the Irish Government regarding banking regulation and practice, given the significance of the Irish banking industry in relation to the economy in Northern Ireland and throughout the UK, to ensure that increase lending capacity and high street competition are realised for those whom I represent.
“I trust that the promised progress will be realised, as reform of the banking sector is key to ensuring that the right economic conditions are created to enable them to flourish.”