The Parliamentary Commission on Banking Standards chaired by Andrew Tyrie has set up a panel led by Lord Lawson of Blaby which will investigate whether accounting standards led to the global banking crisis.

The creation of Lawson's panel was welcomed by 10 institutions collectively managing £300bn in a letter to the Financial Times today. They fear that International Financial Reporting Standards accounting inflated bank profits and bonuses during the credit boom, arguing this undermined their solvency and sparked the banking crisis of 2008.