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| Version 1 | Version 2 |
|---|---|
| MPs to quiz former banking bosses | MPs to quiz former banking bosses |
| (31 minutes later) | |
| The former bosses of the two biggest UK casualties of the banking crisis are to be questioned by MPs later. | The former bosses of the two biggest UK casualties of the banking crisis are to be questioned by MPs later. |
| Royal Bank of Scotland's former chief Sir Fred Goodwin and ex-HBOS head Andy Hornby are among those giving evidence to the Treasury Select Committee. | Royal Bank of Scotland's former chief Sir Fred Goodwin and ex-HBOS head Andy Hornby are among those giving evidence to the Treasury Select Committee. |
| They are expected to be questioned over the mistakes which led to the banks being bailed out by the government. | They are expected to be questioned over the mistakes which led to the banks being bailed out by the government. |
| The subject of bonuses is also expected to be raised amid reports RBS is to pay out £1bn to some bank staff. | The subject of bonuses is also expected to be raised amid reports RBS is to pay out £1bn to some bank staff. |
| Under the terms of October's bank-bailout, no board directors at partly state-owned firms will receive any cash bonuses this year. | Under the terms of October's bank-bailout, no board directors at partly state-owned firms will receive any cash bonuses this year. |
| But Prime Minister Gordon Brown has expressed anger over proposed pay-outs to other workers and said he wanted employees to consider waiving their right to them. | But Prime Minister Gordon Brown has expressed anger over proposed pay-outs to other workers and said he wanted employees to consider waiving their right to them. |
| 'No easy ride' | 'No easy ride' |
| Sir Fred, former RBS chief executive, and Sir Tom McKillop, who was chairman, will appear before the select committee at 0945 GMT alongside Lord Stevenson and Mr Hornby, respectively former chairman and chief executive of Halifax Bank of Scotland . | Sir Fred, former RBS chief executive, and Sir Tom McKillop, who was chairman, will appear before the select committee at 0945 GMT alongside Lord Stevenson and Mr Hornby, respectively former chairman and chief executive of Halifax Bank of Scotland . |
| SIR FRED GOODWIN Former chief executive, RBS, 50Salary: £1.3m plus £2.9m performance bonus (2007)Born and raised in Paisley, near GlasgowResignation announced in October 2008 | |
| Sir Fred oversaw a number of acquisitions that made Edinburgh-based RBS one of the world's biggest banks. | |
| But his takeover of Dutch rival ABN Amro late in 2007 is now seen as ill-timed and a deal too far in light of RBS's inability to survive the credit crunch without a massive injection of government funds. | |
| Indeed the bank has said it made a loss of up to £8bn in 2008 and will have to write off £20bn worth of assets relating to the takeover of ABN Amro. | |
| RBS is now nearly 70%-owned by the taxpayer after a government rescue package was put in place at the end of last year. | |
| Sir Fred is expected to defend his record staunchly, having reportedly complained that October's rescue plan was "less of a negotiation, more of a drive-by shooting". | |
| HBOS was rescued by Lloyds and the merged group is now more than 40% owned by the government. | |
| The bosses still in place at the helm of Britain's leading banks will appear before the Select Committee on Wednesday. | The bosses still in place at the helm of Britain's leading banks will appear before the Select Committee on Wednesday. |
| The BBC's chief economics correspondent Hugh Pym said select committees rarely offered an easy ride and it was hard to see the banking chiefs having a comfortable time. | The BBC's chief economics correspondent Hugh Pym said select committees rarely offered an easy ride and it was hard to see the banking chiefs having a comfortable time. |