Lost and gone: Scotland’s friend for life

Then he said something which seized my attention: ‘I withdrew £20 million today from Bank of Scotland to put it in a safe place.

In the autumn of 2008 I attended a black tie business dinner. I forget the occasion or the organisation responsible, they are all very similar and after a while the memories of each merge into one.

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Where’s the evidence?

‘Let the jury consider their verdict,’ the King said, for about the twentieth time that day.  ‘No, no!’ said the Queen. ‘Sentence first—verdict afterwards.’ (Alice’s Adventures in Wonderland).

Politicians have often followed the Red Queen’s approach: policy first, evidence later.

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Too little, too late! FCA report fails to say if it has closed the stable door

 

It is seven years since the collapse of HBOS – the second largest collapse in British banking history (after RBS) and one which cost the UK taxpayer £20 billion, Lloyds and former HBOS shareholders £54 billion and 40,000 bank employees their jobs.

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HBOS report next week: Cross fingers for justice, but don’t hold your breath

 

Looking back I discover it is almost exactly a year ago that I wrote that the extremely tardy official report into the collapse of HBOS would be published “early in the New Year.”

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Commission misses chance to break up big banks

Four banks — Lloyds, RBS, Barclays and HSBC — have over 70% of the personal current accounts in the UK between them and over 80% of the current accounts of small businesses. This is not a new situation, it was identified 15 years ago in an official inquiry.

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Should we break-up RBS?

Unlike Lloyds, where the Government has been steadily selling shares it acquired when the bank had to be rescued in 2008, RBS remains 80% owned by the public. Despite a drastic pruning of its balance sheet and the sale of non-core businesses, its stock price is still substantially below the level at which taxpayers, who funded the £45 billion recapitalisation of the bank, would get their money back.

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Bank of England non-execs – you can’t even use them to wash your socks

According to the television executive Michael Grade non-executive directors are like bidets – no-one is sure what exactly they are for, but they add a touch of class.

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Do Stevenson and Hornby hold a “Get out of Jail Free” card?

I’m told the extremely tardy official report into the collapse of HBOS will be published early in the New Year and will contain criticism of the former chairman, Lord Stevenson, and chief executive, Andy Hornby. Whether it also imposes sanctions is another matter.  

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Why the Scottish Government should help fund the Green Investment Bank

My last blog highlighted an opportunity for the Scottish Government to take action no matter what the outcome of the referendum on September 18 and this one is the same. No matter whether we are heading for independence or sticking with the Union, there is a strong case for co-funding the Green Investment Bank.

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A golden opportunity to reform the Scottish banking market

Whatever the referendum result on September 18, the Scottish banking system needs reforming and the Scottish Government has a golden opportunity to try to do something about it.

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