The most striking thing about the UK Independent Commission for Banking's interim report is how little it contains that is new. Most of its 208 pages could have been written last year when it first started considering options for a UK banking overhaul.

A 10% core Tier 1 ratio for systemically important banks? That has been the market's working assumption for months. The Lloyds Banking Group merger with HBOS was anticompetitive and further disposals may be necessary? That's hardy a surprise. Banks should put up a fence around their UK retail operations? Because the full-scale breakup of banks was impractical and doing nothing wasn't an option, some form of subsidiary relationship always was in the cards.