Angela Knight, chief executive, British Bankers' Association, said:
"We view the Governor with the highest respect, but in this instance there are a number of points with which we disagree.
"The banking industry recognises that some of its number got it badly wrong during the crisis . Since then the industry has reformed radically. We work closely with our customers of all sizes and types and in doing so have created one of the largest financial centres in the world and a great contributor to the British economy . We achieved this together by doing our business well - not by doing it badly.
"We entirely agree that no bank should believe it can fall back on the taxpayer. The changes from top to bottom within the industry have ensured the risks are well controlled, and all banks have put recovery and resolution plans in place to answer the too-big-to-fail question and so safeguard customers and the taxpayer against the remote consequences of any future failure.
"This is a responsible industry which believes in working with its customers of all shapes and types. A special programme launches this month specifically to help small business customers, for instance.
"Internationally the importance of the programme of change that has been implemented is well recognised, as well as the huge strides the industry has taken to restore stability."