If this is how RBS deals with a parliamentary Committee, how much can customers and regulators rely on it to be straightforward with them?
Andrew Tyrie, chairman of the Treasury Select Committee, has said he is writing to Sir Philip Hampton, chairman of the state-controlled bank, to complain about the evidence given by Chris Sullivan, deputy chief executive of RBS, and Derek Sach, head of the bank’s Global Restructuring Group in June.
LONDON (Alliance News) - Standard Chartered PLC is now pulling back in its heartland of Asia and losing deals to regional rivals, the Financial Times reported online on Tuesday, citing senior figures at the bank.
The FT said that the bank has called a halt to its expansion as it seeks to conserve capital due to falling profits.
July 23 (Reuters) - Bank of England economist Paul Fisher credited quantitative easing and the bank's Funding for Lending Scheme for the recovery that kicked in last year in an interview on Wednesday with the Independent.
Fisher, who has left the Bank of England's Monetary Policy Committee after five years and will move to the bank's regulation arm, told the newspaper that bond sales should only start after rates have been lifted high enough to cut again in another emergency.
"A number of our policies had very big powerful effects on the recovery phase, and, without doubt, things would have been much worse if we hadn't stuck to our guns," Fisher told the newspaper.
Fisher, who has been under fire from lawmakers over the BoE's handling of alleged manipulation of London's currency market, defended the bank's actions saying he thinks the idea that the bank behaved improperly is a "non-story."
He called his move from the monetary policy committee to the regulation arm "incidental."
Fisher, who leaned toward the dovish end of the spectrum during his time on the committee, dismissed the hawkish argument of the Bank for International Settlements that rates should have been higher in the United Kingdom before the crisis.
"We had the highest interest rates in the G7 for most of the 10 years leading up to the crisis," Fisher said.
"That had given us an overvalued exchange rate. Short-term money was flooding into the UK to take advantage. That was giving us a big current account deficit. That money went straight into the banking system. So the right policy prescription would have been to put interest rates up? I don't think so. It would have meant more hot money coming in making the problem worse." (Reporting by Aashika Jain in Bangalore; Editing by Lisa Shumaker)
Nobody thinks RBS senior management behaviour is acceptable.
When I say shareholders will suffer; I mean it will be a few years yet before the Government and regulators will allow them to pay dividends even if they are profitable again given their continued bad behaviour.
I think we are on the same page mate.
As an ex-retail and commercial bank employee; I am appalled by behaviour of most US and UK banks and it is little wonder the public in UK generally do not like and/or trust most banks.
Given some of your recent posts , I'll take that comment to be tongue in cheek , lol. I'm merely quoting sharecast news , any suffering which may or may not occur will be down to the actions of the senior management in RBS . If the bank is sincere in it's objectives then it really cannot condone this sort of nonsense and the more it's brought out into the open , the better IMHO . Andrew Tyrie was spot on with his comments . .....you don't really think this sort of behaviour is acceptable , do you .
Senior executives at Royal Bank of Scotland (RBS) have been accused by MP Andrew Tyrie of making a "belated U-turn" on evidence given to the Treasury on allegations about the way the bank treats its small businesses.
The GRG unit is under investigation for allegedly putting viable small businesses into default so that the bank could take their properties and sell them for a profit.
The allegations were made in a report by government adviser Lawrence Tomlinson.
In giving evidence, RBS denied that GRG was a profit centre.
However, Sullivan, who is leaving the state-backed bank next year, has now said he needed to "correct the statement he made to the Committee", agreeing that GRG was profit centre.
"If this is how RBS deals with a parliamentary Committee, how much can customers and regulators rely on it to be straightforward with them?" Tyrie said in a statement, according to The Telegraph. "I will be writing to the Chairman of RBS about this, and the Committee will report on it after the summer."
He added: "Following the Committee's decision to write to Sir Andrew Large for clarification, RBS has now offered the Committee what it euphemistically describes as 'additional comments'. In fact, they have done a belated U-turn. It's not as if the facts have changed. So it now appears that RBS has been wilfully obtuse with the Committee
Wilfully obtuse, lol .....another way of saying economical with the truth or in plain English , lying .. ....when will they ever learn . "
Rate rises will be against the interest of the CON government.... This side of next years election...hardly a vote winning move..
That said after the election one can expect the sweet talk and silence will stop and rates will rise no matter who gets in...
Seems a logical thought that rate rises will create extra revenue to banks and others investing or saving, as after most elections the following 4 years will have a move to another direction to make people money, as per the same after most past election direction changes..
Cloudy and cooler today on Norfolk coast...Nice to see an up tick so far today.. GLA
The Serious Fraud Office (SFO) yesterday launched a criminal inquiry into the alleged rigging of London's £3 trillion-a-day
foreign exchange market. The investigation into whether traders benefited from the manipulation of benchmark "forex" prices comes amid an existing probe by the Financial Conduct Authority and other regulators around the world. - The Scotsman
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