In June 2010, the UK government announced the creation of a five-person Independent Commission on Banking, chaired by Sir John Vickers, to consider structural and related nonstructural reforms to the UK banking sector to promote financial stability and competition and to make recommendations to the government. The final report provides two main recommendations: (i) retail banking activities in the UK should be segregated or “ring-fenced” by a “high wall”; and (ii) the capital of UK banks should be more loss absorbing by holding capital in the range of 17 percent to 20 percent as compared to global regulations calling for levels of 7 percent to 9.5 percent.