Some of the world’s most powerful banking executives will meet Gordon Brown and Alistair Darling tomorrow to discuss how the global financial system can be repaired.

Among those at the meeting at No 10 will be Bill Winters, the co-head of investment banking at JP Morgan Chase, and either Josef Ackermann, the chairman of Deutsche Bank,or his chief operating officer, Hermann-Josef Lamberti.

The Prime Minister and the Chancellor will show the bankers detailed drafts of proposals that the Government will present at the G20 meeting in London on April 2. Mr Brown’s priorities for banking reform are to stabilise the financial sector, help lenders to purge their books of toxic debt, repair their balance sheets with new capital and build a regulatory structure that would prevent a rerun of the current financial crisis.

His plans include forcing hedge funds to disclose investments and trading positions so that the risks can be assessed.

It is also believed that banks will be required to beef up their capital reserves during better economic times to cushion them in downturns. An examination of the way that executives are rewarded is also under way.

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