We still need to curb casino banks, says Vince Cable

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The Business Secretary conceded there may be "better ways" to reduce risk in the system than his long-standing policy of breaking them up.

"But I think the key point is that although the banking crisis has slipped back into the background we still have a problem where our major banks ... are underpinned by the taxpayer, they are potentially a risk and we have to make them safe."

Tensions exist between him and Chancellor George Osborne over the issue.

A banking commission was launched in June to recommend proposals in an attempt to avoid a dispute.

Mr Cable is known to be uneasy about the appointment of Bob Diamond as chief executive of Barclays.

Speaking on Radio 4, he declined to criticise the appointment but said it highlighted the policy dilemma of "casinos and traditional banks" being combined.

"It isn't my job to appoint the head of a private bank," he said. "I think it does illustrate the wisdom of the Government's decision to set up this banking commission to look at the structure of banks."