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Metro Bank comments on the final findings of the CMA's Retail Banking Market Investigation

9th August 2016

Craig Donaldson, Chief Executive Officer, Metro Bank, commented:

“After more than two years in the writing and costing several millions of pounds, we are astonished that the CMA's findings do not attempt to level the playing field for new entrants and challenger banks, by recommending that the PRA looks into disproportionate capital requirements. Disproportionate capital requirements are anti-competitive and unduly support the large incumbent banks by allowing them to hold up to 10 times less capital for the same loans than challenger banks.

“The CMA was given a rare opportunity to support and develop competition in banking, it is disappointing that they decided not to get at the root of the problem, but rather they missed the point and tinkered around the edges.”