UK Treasury: Banking Reform Needs To Take Place Over Time
LONDON -(Dow Jones)- U.K. City Minister Paul Myners on Wednesday defended the
government's financial reform programs, saying fundamental changes are taking
place.
Responding to comments Tuesday from Bank of England Governor Mervyn King that
"little real reform" had taken place despite the financial crisis, Myners said
the treasury's banking reform plans are sweeping.
"I think the governor and the government are agreed that there is a need for
fundamental reform, and that reform program has been clearly articulated," he
told the British Broadcasting Corporation. "But it cannot happen overnight."
Myners said the Walker review of financial companies' corporate governance
will lay out "fundamental" reforms.
But U.K. reforms cannot take place without other countries putting in place
similar measures, he said.
He also said banks should focus on building up capital and that they should
only pay out bonuses when these are "properly earned and justified."
-By Laurence Norman, Dow Jones Newswires; 44-207-842-9270; laurence.norman@
dowjones.com
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