Mervyn King, former governor of the Bank of England, has warned the City will have another Fred Goodwin figure unless the banking system is overhauled.
Bank of England governor Mark Carney offered an olive branch to the City when he said properly managed and regulated banks would be able to secure more help at lower cost from Threadneedle Street if they got into financial trouble.
If the UK economy were a horse it would be gearing up to race in the Derby. When all the economic surveys display the kind of vigour and confidence associated with a champion racer, it is no wonder so many traders in the City of London are putting bets on soaring GDP growth.
Cor blimey (former) guv'nor!
Sir Mervyn King, who stepped down last month as head of the Bank of England, will move to New York in the autumn to lecture students on the financial crisis and its aftermath.
As he departs, Sir Mervyn King cannot be allowed to get away with a myth he has been promoting for years – the notion that the Bank of England was somehow a lone voice of sanity in the pre-crisis years and that its warnings of impending disaster for the banking system fell on deaf ears.
Sir Montagu Norman, one of Sir Mervyn King's most illustrious predecessors as governor of the Bank of England, reputedly took as his personal motto, "never explain, never excuse". These days, central bankers seem to do little else.
Global markets have "jumped the gun" in betting that interest rates will go back to normal levels anytime soon, the outgoing Bank of England governor, Mervyn King, has said in reaction to the widespread sell-off following Federal Reserve comments last week.
The scale of the capital shortfalls of each of Britain's major banks is expected to be revealed by the banking regulator on Thursday amid mounting speculation that the big eight players could have been ordered to find up to £27bn to plug gaps identified by the watchdog.
Economist and former member of the Bank of England's (BoE) Monetary Policy Committee, Adam Posen said while outgoing governor of the BoE Mervyn King will be remembered as being a great public servant, he made a series of misjudgements which he has to take account for.