The ICB interim report has been criticised for being
fundamentally irreconcilable with EU Law because it aims to
ring-fence national markets and subject UK branches to a
distinct national regulatory regime.
In the past week,
reports have suggested that loopholes may exist
whereby both European banks could enter the UK market and avoid
the ring-fencing, and UK banks with large European subsidiaries
can re-enter under that subsidiarys name.
The major problem with the report is that it was
written by people who give the impression of not appreciating
the fact that the...