The ICB, chaired by Sir John Vickers, has been set up to look at financial stability and competition.
George Osborne, the Tory chancellor of the exchequer, this week pledged to implement the ICB's recommendations in full.
Perhaps it was a concern that the ICB might yet come up with something more radical if he dallied.
Banks are livid that that recommendation now looks like a foregone conclusion when the ICB publishes its final report on 12 September.
Only 96 new ICBs were chartered from 2008 to 2010, and since 2011, there have been no new ICB charters.
You can read more about this in our article ICB Report Gives UK Banks Breathing Room with 2019 Implementation.
While our estimates are significantly higher than the current market prices, we acknowledge the sizable downside the ICB report represents.
FORBES: ICB Report Gives U.K. Banks Breathing Room But Bites Hard In 2019
Lord Lawson's comments followed former Liberal Democrat MP Baroness Kramer who called for the government to accept recommendations from the ICB.
I'm focused here on the long-term implications of this crisis which the ICB - and everyone else - would like not to repeat.
Changes recommended by the ICB will also impact other banks headquartered in the U.K. including RBS Group, HSBC and Standard Chartered Bank.
Prior to 2008, when an ICB closed or was acquired by a larger bank, the marketplace would produce a new ICB to fill the newly vacated relationship-banking niche.
The ICB report concluded that if the market had not changed by 2015, a Competition Commission referral should be actively considered, something Mr Fingleton endorsed in this speech.
The ICB, chaired by Sir John Vickers, was set up in 2010 and is due to present a report in September 2011 on making the banking system safer.
He said he had initially thought the Coalition Government's Independent Commission on Banking (ICB) was a bad idea, because it prolonged uncertainty, but that he had now changed his mind.
The ICB's other headline proposal is that large British banks should have to hold bigger buffers against losses than currently proposed under Basel 3, a new international agreement on minimum capital requirements.
And because the ICB seems to think that a standalone bank could usefully have an existing infrastructure, that makes a link between Clydesdale and Yorkshire banks and the Project Verde assets make more sense.
"The government set up the ICB to ask the difficult questions that weren't asked before the crisis and this is exactly what the commission is doing, " the Treasury said in a statement issued in response to Mrs Knight's comments.
The ICB wants a free current account redirection service to be formed by September 2013, with an improved system to catch all credits and debits going to a customer's old, closed account, including automated payments on debit cards and direct debits.
Another of the ICB's recommendations is that banks must have a buffer to absorb the impact of potential losses or future financial crises - of at least 10% of domestic retail assets in top-quality form, such as shares or retained earnings.
But he said he was against one of the key issues the ICB is examining - that of splitting a bank's retail operations from its investment arm - saying that a lot of the banking sector's problems were caused by simple bad investment decisions.
The most recent report, from the Independent Commission on Banking (ICB), recommended last year that people and businesses wanting to change banks should be able to switch accounts within seven days and provide a safety net to catch any stray direct debits or standing orders for a year after any account was switched.
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