De Blonay on 'conciliatory' Vickers banking report

Jupiter's Guy de Blonay is among several managers who have welcomed the Independent Banking Commission's report, released yesterday, as the burden of regulation on the UK's banks is set to be less onerous than expected.

The report revealed capital reserve objectives and standards that were not ‘unexpected' and were ‘more relaxed' than predicted, fund managers say. The commission, chaired by John Vickers, issued the interim report yesterday recommending a combination of higher capital requirements and ring-fencing of retail operations for the UK banking industry. The report, to be ratified in September, calls for UK banks to hold 10% of core tier 1 capital - 3% above the Basel III guidance - and also states non-retail banks should be allowed to fail. De Blonay, manager of the £880m Jupiter Financia...