The ultimate aim of this report is to give the European Commission the political backing needed in view of the legislative proposal on banking structures to be published in October. The Parliament's lead negotiator, Arlene McCarthy, has engaged in extensive negotiations with the other political groups in order to find an agreement and secure political support for the separation of commercial activities from trading activities within the same bank.
The report identifies key reform principles ensuring depositors and consumers no longer pay for the excessive risks taken by banks with their money. People must be able access their bank accounts and make payments even when banks fail. Real reform must ultimately ensure that the costs of risky trading are not borne by retail customers and depositors. Ultimately when bankers behave badly they should be personally held to account to ensure that they pay for actions that have cost the public dear.