Botin was pictured in Downing Street on her way into a private meeting with Chancellor George Osborne.
She carried a document which said: “Whilst we expect to see the final ICB report on September 12th it will take a significant amount of time before any changes are legislated.”
A spokeswoman from Santander said the document was a note from Credit Suisse.
Full details of the report from the Independent Commission of Banking are to be released on Monday when it is expected the inquiry will press for “casino-banking” arms to be ring fenced from high street operations.
Major UK banks have resisted the proposals, suggesting they could hamper the economic recovery.
Close up, the document says: “Timetable of news flow - Whilst we expect to see the final ICB report on September 12th it will take a significant amount of time before any changes are legislated. Initially we expect very little comment more acknowledgement of the report and up to year end we would expect to see responses from different bodies such as the UK treasury etc in the run up to parliamentary discussion. Potentially, this may leave a news flow vacuum in the immediate aftermath of the report.”
