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LEAGUE SHOWDOWN
ALL ACTION: Omagh against Letterkenny Academicals Jamie Lagan in action during the 31-5 win KUKRI LEAGUE ONE AND TWO REVIEW: Pages 30-31
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Bringing greenhouse gas emissions down to earth
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News Letter, Tuesday, December 20, 2011 23
termed casino banking. Business Correspondent far outweighed Lenders will also have to hold to the economy by the benefit r.sherriff@newsletter.co.uk bigger capital buffers of avoiding futo protect ture financial against losses and crises, which he there will LEGISLATION to measures to boost competition be said would reach 9.5bn ring-fence in modest assumptions. a year on UK banks retail arms the banking sector. from their riskier investment operations Mr Osborne said implementaThe Government is proposing tion of will the be passed by the end most far-reaching reforms the reforms would of take of place in stages, liament in 2015, George this Par- British banking but legislation rein Osborne promised yesterday. history, Mr Osborne our modern lating to the ring-fence told MPs. completed by May 2015 would be The Chancellor said Our objective is to the Governand banks make sure would ment was carrying what happened in be expected to comply out far-reaching reforms the most happens again, that Britain never soon as practicably possible. as taxpayers are of British protected banking in modern The Government will and customers get a history in an produce bet- a White Paper effort to avoid a repeat ter service. next spring setting of the disout further details astrous 2008 crash. Accepting key recommendaof the proposals. tions of the Vickers The move was welcomed Report into by banking reform, The Chancellor said: Foyle MP and former Mr Osborne said Our obSDLP leader jective is clear, we the changes will cost Mark Durkan who has want to the for a separation of campaigned 3.5-8bn a year and leadindustry rate High Street banking sepatraditional re- duction from to tail banking from what in GDP of 0.8-1.8bn. a re- investment banking to protect has been the British economy, But he said the costs protect Britwould be ish taxpayers and make sure that The
BY riChArD ShErriFF
Centra model Finola Guinnane juggles some last minute shopping in the run up to Christmas as research shows shoppers are doubling up on festive essentials such as bread, chocolate and phone cards ahead of the holidays
However, this report importantly sets out recommendation s on how savers and taxpayers can be protected from massive on speculative, investment losses or casino-type banking.
nothing is too big to fail. Mr Durkan said The Report is not a complete Vickers prescription. Indeed, there is also pelling case for a financiala comtransaction tax or Robin Hood tax on the dealings of banks and hedge funds.
News Letter will not be publishing a business supplement on December on January 10. We would 20 nor January 3. Normal like to wish our readers and contributors a very publication resumes Happy Christmas and a prosperous New Year
A SOuTh Belfast family have suffered an unthinkable loss after a five-year-old boy died following a road traffic accident. Police said they attended the
scene of the fatal incident in the upper Lisburn Road area yesterday afternoon. The five-year-old died following a collision with a car on private property at around 3.30pm this afternoon, a police spokesman said. The Very Rev Edward
ODonnell of St Brigids Parish Church, situated just off the Malone Road, told the News Letter last night that the family were members of his parish and that he was supporting them through their loss. MLA Conal McDevitt said the tragedy happened only half a
mile from his home. I would like to express my heartfelt sympathy to the family of this little boy, he said. This is an unthinkable tragedy, all the more distressing in that it is a few days before Christmas. Turn to page 12
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