The British Bankers' Association said:
"Returning stability and restoring confidence to the global economy and the banking and financial system is vitally important. We support moves to ensure that, in future, the world economy is not exposed to the extreme events of recent times or taxpayers left having to support business failure.
"UK banks are fully behind reform. We understand the reponsibility we have in restoring trust. We are working with government, the central bank and the key regulators on the best way forward and have already made huge strides in how the industry will be reshaped to be fit for the future.
"We agree with the Prime Minister when he said this morning that for solutions to be effective and efficient actions must be co-ordinated globally to match how the world economy is now so closely inter-woven. But capital and regulatory change needs to be properly costed and the impact of the whole reform package studied and the timetbale for change clearly set out. We look forward to seeing the detail from today's meeting of world leaders in St Andrews and to working with our G20 partners."