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| Farepak victims in bank protest | |
| (about 3 hours later) | |
| Farepak customers are protesting outside Halifax Bank of Scotland's offices, over what they see as its role in the savings club's demise. | |
| Victims of Farepak's collapse, which led 150,000 people to lose up to £50m, are holding a demonstration in the capital as the bank holds a reception. | |
| HBOS was criticised for acting as banker to Farepak's parent firm while its troubled subsidiary stayed trading. | |
| HBOS said it was in no way responsible for Farepak's collapse. | HBOS said it was in no way responsible for Farepak's collapse. |
| The demonstration outside the bank's Edinburgh headquarters is being led by Suzy Hall, who lost £1,000 following Farepak's collapse. | |
| Ms Hall is wrong in claiming HBOS was somehow responsible for what happened at Farepak HB0S statement | Ms Hall is wrong in claiming HBOS was somehow responsible for what happened at Farepak HB0S statement |
| HBOS provided the overdraft facility to European Home Retail - Farepak's owner - and its decision not to extend this eventually led to administrators being called in. | HBOS provided the overdraft facility to European Home Retail - Farepak's owner - and its decision not to extend this eventually led to administrators being called in. |
| A Response Fund launched to help Farepak customers has raised £6.4m in contributions from the public and companies. | A Response Fund launched to help Farepak customers has raised £6.4m in contributions from the public and companies. |
| HBOS gave £2m to the fund but some critics have said the amount was small given its role in the collapse. | HBOS gave £2m to the fund but some critics have said the amount was small given its role in the collapse. |
| Right to protest | Right to protest |
| But HBOS said it was not responsible for how Farepak was run as a business and that claims it pocketed savings belonging to Farepak customers were "completely untrue". | But HBOS said it was not responsible for how Farepak was run as a business and that claims it pocketed savings belonging to Farepak customers were "completely untrue". |
| "Banks provide loan facilities, they do not own or run companies," it said. | "Banks provide loan facilities, they do not own or run companies," it said. |
| "Ms Hall is, therefore, wrong in claiming HBOS was somewhere responsible for what happened at Farepak." | "Ms Hall is, therefore, wrong in claiming HBOS was somewhere responsible for what happened at Farepak." |
| HBOS said it defended the right to peaceful protest, but added that its right to go about its business must also be upheld. | HBOS said it defended the right to peaceful protest, but added that its right to go about its business must also be upheld. |
| In the wake of Farepak's collapse, the Treasury is set to launch a review of Christmas saving clubs and the lack of regulations governing them. | In the wake of Farepak's collapse, the Treasury is set to launch a review of Christmas saving clubs and the lack of regulations governing them. |
| On average, Farepak customers are estimated to have lost about £400 each, but some are thought to have lost nearer £2,000. | On average, Farepak customers are estimated to have lost about £400 each, but some are thought to have lost nearer £2,000. |