But as is often the case, the enforcers overdo it. Reforms such as improved deposit insurance of £85,000 in the UK, the separation of consumer from casino banking and stronger capital requirements have proved sensible. Anya Lim, 25, was driving on the Anzac Bridge, in the city's inner west, shortly before midnight in December 2022 when she bumped into a vehicle being driven by Hongyi Zhang, 40, prompting both drivers to get out. The 42-year-old has pleaded not guilty to two counts of dangerous driving occasioning death and one count of negligent driving occasioning death, and is facing a trial in Sydney's Downing Centre District Court.
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This does not affect our editorial independence. National economies were plunged into recession and, 16 years later, the public finances of the world's most advanced economies are still dealing with the consequences in terms of borrowing and debt levels. But if the UK wants a vibrant and competitive banking sector, that feels able to address lagging private sector investment and lacklustre productivity, there is a strong case for further liberalisation.
The decision of the Bank's prudential arm to take the foot off Basel brakes is correct. More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Lending is never going to be risk-free. Tough capital ratios have produced bad outcomes.
