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December 19, 2011 12:30 AM EST
Britain's banking system is set to undergo major overhauls that the government aims to implement by 2019, reports said.
The key component of the reform is the planned separation of British banks' retail and investment divisions, as recommended in the September assessment report issued by the Independent Commission on Banking, headed by former Bank of England chief economist John Vickers.
Britain's banking system is set to undergo major overhauls that the government aims to implement by 2019, reports said.
According to Agence France Presse, the British government is intending to roll out all the reforms that the Vickers Commission urged to avert a recurrence of the financial crisis of 2008, when the Bank of England was compelled to rescue major financial institutions to avert the meltdown of Britain's banking industry.
International Monetary Fund Managing Director Christine Lagarde has predicted another financial crisis if the eurozone debt situation deteriorates further.
The new banking reform measures, the AFP said, will be formally announced on Monday by Business Minister Vince Cable.
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