Subject to that, the banks could transfer capital between their UK retail and other banking activities.
That interpretation requires the assumption of an unattested early 5th-century reform transferring capital appeals to the people.
Crucially for the banks, the report allows them to transfer capital between both sides of the bank, meaning they can go on gambling with depositors' money.
The Financial Times reports that banks will be able to transfer capital from their retail arms to other parts of their businesses in the form of dividends.
Much of American banks' recent success is due to their increased deftness at managing this basic function of transferring capital from savers to borrowers.
He called on transnational companies to support development goals by "creating decent jobs, generating exports, promoting rights, respecting the environment, encouraging local content, paying fair taxes and transferring capital, technology and business contacts to spur development".
Under this system, the ring-fenced utility arm will be barred from lending or transferring capital to subsidise trading activities and will ensure that depositors are protected should a bank's bets go wrong.
Last year Sasol, an energy company listed in New York, told investors that government plans to transfer capital into black hands ("black economic empowerment") could add some costs to doing business in South Africa.
"Although there will be a lot of squealing in public, we expect the bank managements to be secretly quite pleased because (subject to regulatory minimum standards) banks will still be allowed to transfer capital and liquidity from their UK retail banking activities to the markets and investment banking business".
It contended that a transnational community of engineers has coordinated a decentralized process of reciprocal industrial upgrading by transferring capital, skill, and know-how to the source region and by facilitating collaborations between specialist producers in the two regions.
