The British Banking Association (BBA) has told the government and taxpayers that its members will repay all the state aid they were given throughout the financial crisis.
A number of UK providers that were near to collapse were given aid during the crisis. Northern Rock was supported by the government and Lloyds Banking Group and the Royal Bank of Scotland were also part nationalised to salvage savings.
BBA chief executive Angela Knight said: "The banking industry is engaged with government and the regulatory authorities in a landmark reform programme, not only to avoid such problems occurring in the future but also putting in place arrangements so that every bank has its own special recovery plan."
In the UK and overseas measures are already being put in place to help strengthen the global banking system.
One such step is the establishment of recovery and resolution plans that aim to help banks respond to crises that may occur in the future.
The BBA's member banks make up the world's largest international banking centre, operating some 150 million accounts and contributing £50 billion annually to the UK economy.
