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new ringfencing requirements and apply them to their operations. “The Vickers Report may just not have considered the position of offshore jurisdictions,” says Robinson. “Then, it is an issue for clearing banks and retail banks to consider what effect it might have. It is in the level of detail that our industry will work too – and we have just not got to that stage yet.” “There will be extensive consultation to understand how the ultimate legislation will be shaped,” adds Scriven. “It is therefore too early for UK banks (and hence their Channel Island-based branches and subsidiaries) to have determined how they may work within the concept of ringfencing.” On current interpretation of the report’s recommendations, it is likely that banks will take different stances regarding the extent of the ‘ringfence’. There could, however, also be a business boost for the Channel Islands should they not follow the retail bank ringfencing recommendations. Already, some UK-domiciled banks are reported to be considering shifting their headquarters from


the UK to other financial centres to avoid the proposed ringfencing requirements. Scriven believes that restrictions placed on


ringfenced retail banks – such as the ban on their provision of services to non-EEA clients – could see UK banks make greater use of their presence in the Channel Islands. “Banks will certainly look for the opportunities any UK legislation creates, and we do believe there could be benefits,” he says. Although the reforms recommended in


the Vickers Report are radical, all British banks will be allowed a considerable length of time to implement them. New UK banking legislation is expected to be in place by 2015, but banks will not need to meet it until 2019. “Until this is enacted, and then


interpreted, banks cannot begin any actual implementation of change. The potential changes for a large UK bank based on the report are huge, and they would certainly need until 2019 to achieve this,” says Scriven”. n


LIZ SALECKA is businesslife.co’s European Editor


HSBC2980_120 x 193w_01_Hi.pdf 1 12年1月27日 下午12:41


A mosque at Europa Point, Gibraltar. Clockwise from above: the port of Gibraltar; a street view in Tangier, Morocco, which is just a short ferry ride away; the gas tanker LNG, just off Gibraltar


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