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According to Reuters, the index was up by 2.74 points at 6,058.49 soon after opening today, with shares in Barclays adding 3.4 per cent and the Royal Bank of Scotland climbing by 2.7 per cent as investors digested the panel's findings.
"We're seeing something of a relief rally across the banks," said Hargreaves Lansdown analyst Keith Bowman, adding that the actual content of the review had provided few surprises to observers.
Lloyds stocks also rose by 1.4 per cent, despite the ICB stating that the state-owned group should sell off more than the 600 branches recommended by the European Commission.
The report came after Monetary Policy Committee member Andrew Sentance told Sky News that interest rates could be set to soar to two per cent over the next 12 months to ward off inflationary pressures.
Posted by Clive Arneil
