without affecting vital banking services;  Without imposing costs on the taxpayer;  In a manner applicable across our diverse sector;  And consistent with EU and international law. In line with the interim report, we agree with the need for further capital requirements on systemically important banks, but I agree with the Commission that outside the ring-fence this is best done internationally. I also strongly welcome the Commission's proposal on increasing competition in retail banking. For healthy competition is a powerful defender of consumers' interests. Lord Mayor, we will make these changes to banking to protect taxpayers in the future. But we still have to clear up the mess of the past. Taxpayers today own a large part of the banking system, and underwrite guarantees to parts of the rest. It's time we started to plan our exit. So I've opened the Credit Guarantee Scheme to early redemption. I'm pleased that banks are taking up the opportunity and they are ahead of schedule in repaying the Bank of England's special liquidity support. This is a sign of confidence in our banking system. And I remind everyone with deposits that we have increased the level of deposit insurance to 100% for sums up to 85,000 and we have made clear that there is no implicit taxpayer guarantee for sums above that level. Once all these other forms of subsidy are removed, our direct shareholdings in banks still remain. It will take some time -- possibly several years -- before we