The ICB's interim report contains a number of very significant options and it will take time to carefully consider the costs involved and the economic impact on the wider economy.
The Commission's proposed options will have to be considered alongside other reforms underway at a national and international level. Banks in the UK have already undergone significant change since the global crisis, including significantly increasing their capital and liquidity and establishing resolution plans, to protect depositors and to keep finance flowing, should a bank get into difficulty.
The UK's regulatory framework is also being dramatically changed with new and welcome focus on financial stability. Banks like any other company must be able to fail and not assume the tax-payer will step in.
As such, due consideration must be given to where the the ICB's interim recommendations fit within this ongoing programme, some of which remains work in progress, with further changes due before the final report is due.
The banking community remains committed to supporting the twin aims of ensuring financial stability and supporting economic recovery, and is committed to ensuring the taxpayer is repaid for support of the banking system.