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| Version 1 | Version 2 |
|---|---|
| Burt steps up HBOS board attack | Burt steps up HBOS board attack |
| (1 day later) | |
| The former banking chief at the centre of calls for a boardroom takeover at HBOS will press ahead with the plan, despite its dismissal by the bank. | The former banking chief at the centre of calls for a boardroom takeover at HBOS will press ahead with the plan, despite its dismissal by the bank. |
| Sir Peter Burt, who was chief executive of the Bank of Scotland when it merged with the Halifax in 2001, said the board at HBOS was now a "busted flush". | Sir Peter Burt, who was chief executive of the Bank of Scotland when it merged with the Halifax in 2001, said the board at HBOS was now a "busted flush". |
| He and Sir George Mathewson, ex-head of the Royal Bank of Scotland, said they should be appointed to lead HBOS. | He and Sir George Mathewson, ex-head of the Royal Bank of Scotland, said they should be appointed to lead HBOS. |
| The bank said the takeover by Lloyds TSB was on track. | The bank said the takeover by Lloyds TSB was on track. |
| HBOS said the deal with Lloyds TSB would create a stronger group in a better position to access funding. | HBOS said the deal with Lloyds TSB would create a stronger group in a better position to access funding. |
| The bank dismissed Sir Peter's call by saying it would offer shareholders no cash, no value and no certainty. | The bank dismissed Sir Peter's call by saying it would offer shareholders no cash, no value and no certainty. |
| A statement from HBOS said: "Our board is focused on the job at hand and that is delivering the best deal for our shareholders and our other stakeholders including in Scotland. | A statement from HBOS said: "Our board is focused on the job at hand and that is delivering the best deal for our shareholders and our other stakeholders including in Scotland. |
| "We have a strong board many of whom worked previously with Peter Burt and they are more than capable of looking after our company's interest." | "We have a strong board many of whom worked previously with Peter Burt and they are more than capable of looking after our company's interest." |
| Sir Peter and Sir George's demands for the resignation of Lord Stevenson and HBOS chief executive Andy Hornby were revealed on Saturday by BBC business editor Robert Peston. | Sir Peter and Sir George's demands for the resignation of Lord Stevenson and HBOS chief executive Andy Hornby were revealed on Saturday by BBC business editor Robert Peston. |
| They are a busted flush, I'm afraid. It's very sad, but that is a reality of it Sir Peter Burt href="/1/hi/business/7717301.stm">Text of the Burt-Mathewson letter href="/1/hi/business/7717523.stm">HBOS statement in full | |
| Sir Peter told BBC Scotland's Politics Show that, if the board did not want him and Sir George, it should take on two other independent directors to look at the bank's situation who could give a "genuine second opinion, unbiased by the track record of failure". | Sir Peter told BBC Scotland's Politics Show that, if the board did not want him and Sir George, it should take on two other independent directors to look at the bank's situation who could give a "genuine second opinion, unbiased by the track record of failure". |
| He suggested Sir Howard Davies, former head of the Financial Services Authority watchdog and Lord Smith, the chairman of Scottish and Southern Energy, were qualified to take up such a role. | He suggested Sir Howard Davies, former head of the Financial Services Authority watchdog and Lord Smith, the chairman of Scottish and Southern Energy, were qualified to take up such a role. |
| "It's the HBOS board who have led HBOS into this predicament and now they're saying, 'trust us, our solution is the best way out'," said Sir Peter. | "It's the HBOS board who have led HBOS into this predicament and now they're saying, 'trust us, our solution is the best way out'," said Sir Peter. |
| He added: "Why should we trust them? They have run the company into the ground." | He added: "Why should we trust them? They have run the company into the ground." |
| Sir Peter said there may be pressure on the board to reconsider its position. | Sir Peter said there may be pressure on the board to reconsider its position. |
| He added: "They are a busted flush, I'm afraid. It's very sad, but that is a reality of it." | He added: "They are a busted flush, I'm afraid. It's very sad, but that is a reality of it." |
| Meanwhile, Scottish First Minister Alex Salmond told BBC Scotland's Politics Show that Sir Peter and Sir George were the "outstanding financial figures in Scotland of their generation". | Meanwhile, Scottish First Minister Alex Salmond told BBC Scotland's Politics Show that Sir Peter and Sir George were the "outstanding financial figures in Scotland of their generation". |
| He added: "Whatever they say about this situation has to be examined with great care and listened to very carefully because they speak with enormous prestige and enormous authority." | He added: "Whatever they say about this situation has to be examined with great care and listened to very carefully because they speak with enormous prestige and enormous authority." |
Do you believe the Lloyds-HBOS deal should proceed? Are you affected by the issues in this story or are you an HBOS shareholder with something to say? Send us your comments using the form below. | Do you believe the Lloyds-HBOS deal should proceed? Are you affected by the issues in this story or are you an HBOS shareholder with something to say? Send us your comments using the form below. |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |