George Parker and Delphine Strauss interviewed Alistair Darling, UK chancellor, on January 3. This is a transcript of their interview

AD: We will be introducing primary legislation in May. There will be a number of aspects to it, but it will include giving the [Financial Services Authority] greater powers to ensure that it can be satisfied not only that capital requirements are met but also that there is greater attention paid to liquidity requirements. You have got day to day cash, which of course was Northern Rock’s problem, and the FSA will have more powers to get the information it needs to do that. And also for it and the Bank of England to be able to conduct more efficient surveillance, asking the questions they need to ask to be satisfied that individual institutions as well as the system as a whole continue to function.