and protect bonuses, BoE official says

A senior Bank of England official last night accused bankers of ‘propagating myths’ and ‘exploiting fear’ to hold back much-needed reform and protect their bonuses. Robert Jenkins said ‘formidable’ bank lobby groups are still managing to ‘bewitch’ and ‘bamboozle’ politicians five years on from the financial crisis. He said that one of the myths is that lenders need to choose between safety and growth. Lenders have lobbied against reforms set out by the Independent Commission on Banking, chaired by Sir John Vickers, including requirements to hold more spare capital to protect them against any future financial shocks....Read more here: Banks bamboozle politicians to hold back reforms and protect bonuses, BoE's Robert Jenkins says