Bank reform plans unveiled

CHANCELLOR Alistair Darling today unveiled proposals for a reform of banking regulations in a bid to avert another Northern Rock-style crisis.The plans could see new powers given to the Treasury, Financial Services Authority and Bank of England to take control of a failing bank.

CHANCELLOR Alistair Darling today unveiled proposals for a reform of banking regulations in a bid to avert another Northern Rock-style crisis.

The plans could see new powers given to the "tripartite authorities" - the Treasury, Financial Services Authority and Bank of England - to take control of a failing bank.

The current scheme designed to safeguard savings also faces overhaul in an attempt to prevent a repeat of last year's devastating run on Newcastle-based Northern Rock.