Banks Should Be Divided Into Three Parts

 

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By John Gapper

Published: October 29 2009 02:00 | Last updated: October 29 2009 02:00

When the history of the global financial crisis is written, it may record that Neelie Kroes, the European Union's competition commissioner was the only politician willing to respond in a logical manner.

By insisting on the break-up of the ING Group into its banking and insurance divisions - and on it divesting its US direct savings arm - Ms Kroes set a welcome precedent this week. She made a troublesome too-big-to-fail institution shrink.

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