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*** NOTE: The "City" of London is the financial capitol of the world, it is not the capital of England. It is separate and distinct with it's own flag and everything. It is a separate city-state like the Vatican and Washington, D.C. After reading this article, don't you feel sorry for the bankers yet? -CH ***
Speaking at Lloyd's annual London City dinner on Thursday, he claimed that public fury towards bankers risked "doing irreparable damage to one of the strongest sectors in our economy" and insisted policy-makers can learn from the insurance market's near-collapse in the 1990s.
"Arguments are raging about limiting pay, curbing bonuses, restricting financial activities. Some are even arguing that the financial sector in the UK is too big and needs cutting down to size. That it is not 'socially useful' and therefore we can dispense with parts of it. This is dangerous talk." Lord Levene has chaired the Lloyd's market since November 2002. He became a life peer in 1997 and has a distinguished record in banking.
He said the financial services industry could not return to its old ways and insisted there needed to be a "significant change" in the regulation and governance of the banking industry. However, he urged policy-makers to avoid "knee-jerk reactions" and warned that they must maintain the City's competitiveness.
The Lloyd's of London insurance market was brought to the brink of collapse in the mid-1990s by a decade of crippling claims, many relating to asbestos lawsuits in the US. The market subsequently set up a separate vehicle, Equitas, to run off the liabilities for 34,000 individuals. Lord Levene said policymakers could draw inspiration from this. "Twenty years ago, largely because of our own follies, we had our own 'near-death' experience. We found salvation partly by offloading toxic liabilities into a separate vehicle, Equitas – a mechanism we are now seeing repeated with banks around the world."
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The demonisation of financial services is "dangerous talk" according to Lord Peter Levene, chairman of Lloyd's of London, who gave a passionate defence of the City on Thursday.
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