Where the words come from
The purpose of bank regulation, bank capital and capital requirements, bank runs and contagion, and the failure of the financial system in 2008–2009 — Principles of Economics 2e, OpenStax, licensed CC BY 4.0. https://openstax.org/books/principles-economics-2e/pages/28-2-bank-regulation. Changes: the Federal Reserve and US agencies removed; the checks-and-debit-cards illustration and the film reference dropped; capital requirements condensed; British spelling; the US critics of regulators after 2008 dropped; the capital requirements card from "regulation requires that banks maintain a minimum net worth, usually expressed as a percent of their assets, to protect their depositors and other creditors".
The post-2008 UK reforms, ring-fencing, the independent panel's findings on safety, lending, rigidity and unintended consequences, and the government's reforms to make the regime more flexible — Independent Panel on Ring-fencing and Proprietary Trading, final report (March 2022); the government's response (December 2022); the Smarter Ring-fencing Regime consultation (2023-2024); and HM Treasury, Safeguarding Stability, Enabling Growth: The Ring-Fencing Review (May 2026). Open Government Licence v3.0. https://www.gov.uk/government/publications/independent-panel-on-ring-fencing-and-proprietary-trading-final-report and https://www.gov.uk/government/publications/ring-fencing-reforms and https://www.gov.uk/government/consultations/a-smarter-ring-fencing-regime-consultation-on-near-term-reforms and https://www.gov.uk/government/publications/safeguarding-stability-enabling-growth-the-ring-fencing-review. Changes: the panel's foreword and executive summary condensed and paraphrased; "overly rigid", "constrain the competitiveness" and "benefits will diminish" kept close to the panel's words; its findings on non-ring-fenced banks' liquidity and on regulatory arbitrage omitted; the government's position summarised from the response, the consultation outcome and the May 2026 review; the ring-fencing card from the report page's "separates core retail banking services from investment banking activities, with the aim of protecting depositors from risks arising elsewhere in the banks", with "came into force in January 2019"; the card examples are ours.
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