Paul Tucker, deputy governor Bank of England: Tucker’s tough message

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Bank of England deputy governor Paul Tucker understands bankers’ fear of excessive regulation, but he’s not easing up. He insists banks should improve the quality of their capital and sees no role for subordinated debt. He wants strong banks to blow the whistle on the weak and to know that, in future, the shareholders of survivors will pick up the tab for bailing out the system. Peter Lee reports.