Here are selected comments from the conference:

JOSE VINALS, IMF DIRECTOR MONETARY AND CAPITAL MARKETS:

"The global economic recovery is really mediocre and subject to downgrade risk.

"There are many markets where assets are now slightly overpriced. You don't find anything that's grossly out of line, grossly super-valued or overvalued but you see many little discrepancies across many markets regarding valuations."

"Banks now face a low profitability problem in many parts of the world... that is the price of safety.

"The crisis has led to an environment that is vastly different to what we had before the crisis and banks are struggling to adapt their business models to the post-market realities."

He said an IMF study of 300 of the largest banks showed only about 60 percent had a structure that was able to make a reasonable rate of return to be able to build capital and support new lending. He said only about 30 percent of eurozone banks could meet that requirement, compared to about 80 percent in the United States.

"In those cases where there are banks that need to exit because the field is too crowded, I'm thinking of continental Europe, then supervisors and authorities ... need to facilitate the exit of those institutions, because those banks should not be there."

JON CUNLIFFE, BANK OF ENGLAND DEPUTY GOVERNOR:

"Financial globalisation has clearly been rolled back since the crisis, some of it because of risk aversion and some of it because of regulation.

"A key determinant (on whether this will continue) is whether the global reinforced governance machinery can now pivot from the design of new international regulatory standards to implementation. Can it ensure there is consistent implementation across jurisdictions?"

He said if regulators can't do that, there could be "regulatory arbitrage and a race to the bottom" or regulators will ring-fence operations and "build walls around institions."

"(Solving) Too big to fail is the most difficult part of the global agenda. We can all cooperate when things are going well, but when you have an institution that is cross-border and failing, then the tendency is to behave less well."

“There has been a change since the crisis and supervision is now more active, more intrusive in the business affairs of a bank and I think the business models of banks is relevant to supervisors.

"I think it is within the ambit of supervision to say we want to see their business model works and if not (to ask), 'what do you propose to do about it?'"

ROSS McEWAN, CEO ROYAL BANK OF SCOTLAND (>> Royal Bank of Scotland Group plc)

"The days when global domination mattered more to RBS than basic customer service are well and truly over.

"None of us have yet found a way to grapple with the great weight on our reputation - the way we pay our employees.

"More work is needed to challenge the bonus culture that has done such great damage to the image and conduct of retail and commercial banking in the UK.

"It would be nice to get a coordinated forex settlement but we’ll wait and see what actually comes out of it.

"I’m confident that our plans that we put in place last November and February this year will see us through to get to the (capital) targets that we need.

"While the combination of falling unemployment and falling inflation makes calling the timing of any increase in the base rate very difficult, we know it is something very much on the minds of our customers.

"We know that our mortgage customers are concerned that they might not be able to balance their household budgets when the day comes, even if that is some time well into the future.

"I am signaling to our customers that in the months ahead we will listen to your concerns. We want to talk to you about the state of your finances."

MARISA LAGO, U.S. TREASURY ASST SECRETARY FOR INTERNATIONAL MARKETS:

"I don't hold out the hope that we are going to have absolute global harmonisation, we come from too many different traditions, too many different legal systems.

"Setting harmonisation as the goal sets us up to failure. What we should be looking at is outcomes-based equivalents. If we set that as the target we have a good chance of getting there."

CATHY JAMIESON, OPPOSITION LABOUR PARTY SHADOW FINANCIAL SECRETARY TO TREASURY:

"There has been a lot of pressure put on banking by the politicians of all parties, but that is because of the problems that were there and emerged. If there was wrongdoing people have to take the consequences of that. The scale of fines is for the regulators.

"Those fines will be avoided in the future by people in banking taking responsibility, changing the culture and doing business differently, and also for us politicians to ensure that there is a tight regulatory structure there."

ANTHONY BROWNE, BBA CHAIRMAN:

"We also need to change how bank staff work today - by changing the culture of banking. Because true change can only come from within. This is essential if we are to win back the trust and confidence of our customers.

"Much of the action taken since the crisis has been good. But some of it has had unwelcome unintended consequences, such as the fragmentation of the global banking system, the balkanization of capital and liquidity and the differing, sometimes conflicting regulatory regimes across the world."

"Fast forward 20 years and ... everyone will have their very own bank branch in their pocket. This means banking will be easier than ever for all of us. But it will also present huge challenges for the banks we work for. As big global brands such as Apple, Google and Amazon shake up and disrupt the market in unpredictable but exciting ways. The way that banks interact with their customers in the future will change hugely."

(Compiled by Steve Slater, Matt Scuffham and Huw Jones)