A Treasury spokesman said the report was a "very impressive piece of work".
There are many recommendations in it which will help the Government's plan to create a stronger and safer banking system.
This comprehensive report, produced in less than a year, vindicates the judgment that a parliamentary commission would be swifter and more appropriate than a lengthy public inquiry that others proposed at the time.
He said the Government will support legislation where it is needed, and will amend the Banking Bill currently before Parliament to ensure changes are quickly enacted.
The Government publicly welcomes the Commission's recommendations on increased personal responsibility, especially at a senior level, increased professional judgment by regulators, and better functioning markets.
We will now get on with a swift response and will report before the summer recess.