1.72 The Independent Commission on Banking (ICB), chaired by Sir John Vickers, was asked in June 2010 to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition. Following an initial consultation last year, and an interim report on 11 April 2011, the ICB's final report was published on 12 September 2011.
1.73 The Government welcomes in principle the ICB's suggestions for:
• a ring-fence around better-capitalised high street banks to make them safer, and to protect their vital services to the economy;
• bail-in instead of bail-out - so that private investors, not taxpayers, bear the losses if things go wrong; and
• measures to increase competition in retail banking.
1.74 The Government is considering a variety of options for implementing the recommendations. The Government will respond before the end of the year with more detail.