Bloomberg News

Osborne Seen Supporting Depositor Preference, Sunday Times Says

June 10, 2012

U.K. Chancellor of the Exchequer George Osborne this week is likely to support ranking depositors ahead of corporate creditors and bondholders in any future banking collapse, the Sunday Times said, without saying where it got the information.

Osborne will unveil a white paper on banking reform before his annual Mansion House speech scheduled for Thursday, June 14, the paper said. The proposal for depositor preference, which the industry opposes because it will increase borrowing costs, is among those put forward by the Independent Commission on Banking.

To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net


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