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| LIVE: Bankers grilled by MPs | LIVE: Bankers grilled by MPs |
| (10 minutes later) | |
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| Former bankers give evidence to the Treasury Select Committee | Former bankers give evidence to the Treasury Select Committee |
| By Brian Wheeler 1138 "The questions are too timid and the bankers really haven't been put under pressure. I wonder if they'd be willing to give half of their salaries and bonuses from last year back to go into a fund to help those hit most by losing their jobs." Fran Mulhern, London | |
| 1137 Meanwhile, back in the committee room the grilling is livening up. "You're all in bloody denial," cries Labour MP George Mudie. The former HBOS executives are getting a dressing down from the MP who accuses them of gambling recklessly with depositors' money. He quotes HBOS's former head of group risk, who apparently was fired by the bank after repeatedly warning bosses they were taking excessive risks. Lord Stevenson, ex HBOS chairman, denies being in denial. But he admits the company's "stress-testing" systems had not worked. | |
| 1135 London's Evening Standard newspaper has just arrived on my desk. The front page headline is big and bold saying: "We're profoundly sorry say bankers blamed for crash". (The unrelated front page picture is of a smiling Sarah Brown who was apparently a "surprise guest at the Elle awards in Holloway") | |
| 1127 Lord Stevenson is coming under pressure now. He insists that there was not an excessive "sales culture" at HBOS or that it took unacceptable risks, as has been alleged by a former staff member. Lord Stevenson blames the bank's problems on its failure to predict the collapse of wholesale banking markets. That was the "fundamental mistake" that the bank is apologising for today, not its alleged recklessness, he tells the MPs. | |
| 1124 "As a long-term NatWest customer and share-holder I'm as angry as anyone at what has happened, but I find this show-trial highly distasteful. Many of the MPs seem less concerned with finding out the truth than with making political points." Jonathan Riley-Smith, Cambridge | 1124 "As a long-term NatWest customer and share-holder I'm as angry as anyone at what has happened, but I find this show-trial highly distasteful. Many of the MPs seem less concerned with finding out the truth than with making political points." Jonathan Riley-Smith, Cambridge |
| 1121 Andy Hornby looks more nervous than the rest of them. He insists he listened to warning voices. He is asked about a quote from a former HBOS risk specialist who claims he was subject to "threatening behaviour" when he raised concerns with top executives. Mr Hornby says he does not recognise that version of events. Lord Stevenson denies concerns that the bank was "going too fast" were not recorded in board meeting minutes. | 1121 Andy Hornby looks more nervous than the rest of them. He insists he listened to warning voices. He is asked about a quote from a former HBOS risk specialist who claims he was subject to "threatening behaviour" when he raised concerns with top executives. Mr Hornby says he does not recognise that version of events. Lord Stevenson denies concerns that the bank was "going too fast" were not recorded in board meeting minutes. |
| 1119 "Sir Fred seems to be moving from defence to attack. He will protect his back all the way down this slippy slope." Dave Harle, Doncaster | 1119 "Sir Fred seems to be moving from defence to attack. He will protect his back all the way down this slippy slope." Dave Harle, Doncaster |
| 1116 Andy Hornby is quizzed on whether, as a former retailer, he had enough experience to run a bank. He says he had been on the HBOS board for seven years and he was surrounded by experienced colleagues. | 1116 Andy Hornby is quizzed on whether, as a former retailer, he had enough experience to run a bank. He says he had been on the HBOS board for seven years and he was surrounded by experienced colleagues. |
| 1115 "We all enjoyed our interest free credit card deals, cheap credit for cars and easy mortgages. These guys made it happen and it was unsustainable and we all need to take our share of blame." Phil Grimason, Dublin | 1115 "We all enjoyed our interest free credit card deals, cheap credit for cars and easy mortgages. These guys made it happen and it was unsustainable and we all need to take our share of blame." Phil Grimason, Dublin |
| 1113 Andy Hornby says the bank did take evasive action, such as reducing liquidilty, when he took over as HBOS chief executive, as he could see trouble coming. But he admits that, like others, did not forsee the complete closure of wholesale banking markets. And he wishes the bank had done more to prepare for the crisis. | 1113 Andy Hornby says the bank did take evasive action, such as reducing liquidilty, when he took over as HBOS chief executive, as he could see trouble coming. But he admits that, like others, did not forsee the complete closure of wholesale banking markets. And he wishes the bank had done more to prepare for the crisis. |
| 1110 "I'm beginning to wonder what the point of this questioning is? It appears that all the MPs are trying to do is make headlines out of the bankers rather than using it as an opportunity to seek useful answers that can help tackle the economic situation." James Lydiatt, Rugby | 1110 "I'm beginning to wonder what the point of this questioning is? It appears that all the MPs are trying to do is make headlines out of the bankers rather than using it as an opportunity to seek useful answers that can help tackle the economic situation." James Lydiatt, Rugby |
| 1109 The four men seem to be holding up well to the grilling. They appear well within their comfort zones as they are quizzed about their credentials or qualifications to run a bank in the first place. The wince-inducing mass apology at the start of the session is a fast-fading memory. | 1109 The four men seem to be holding up well to the grilling. They appear well within their comfort zones as they are quizzed about their credentials or qualifications to run a bank in the first place. The wince-inducing mass apology at the start of the session is a fast-fading memory. |
| 1105 Tory MP Sir Peter Viggers is grilling Sir Fred Goodwin about whether taxpayers' money was invested in RBS with the appropriate safeguards and checks. It was, insists the former RBS chief, but there was not time for the normal process of "due diligence". | 1105 Tory MP Sir Peter Viggers is grilling Sir Fred Goodwin about whether taxpayers' money was invested in RBS with the appropriate safeguards and checks. It was, insists the former RBS chief, but there was not time for the normal process of "due diligence". |
| 1104 "Maybe I've missed it but I have yet to hear any questions that try to get to the heart of the matter of where we are today." Tim Purdon, Kilmarnock | 1104 "Maybe I've missed it but I have yet to hear any questions that try to get to the heart of the matter of where we are today." Tim Purdon, Kilmarnock |
| 1103 "Andy Hornby says he doesn't feel 'personally culpable' for what happened as he'd only recently taken over as chief executive when the storm hit. So by rights he can't take any credit for the good stuff that happened before and therefore doesn't deserve any bonus." Anonymous, Edinburgh | 1103 "Andy Hornby says he doesn't feel 'personally culpable' for what happened as he'd only recently taken over as chief executive when the storm hit. So by rights he can't take any credit for the good stuff that happened before and therefore doesn't deserve any bonus." Anonymous, Edinburgh |
| 1101 "This is not a negotiation it is a drive-by shooting". That is what Sir Fred Goodwin, ex-RBS boss, is reported to have said about talks with the government on their bail-out plan. The dapper Sir Fred, who is giving a very measured performance, tells MPs that was a private comment, but the deal was done very quickly and under a lot of pressure."It was very clear to everyone that it had to happen there and then," he adds. Lord Stevenson, former chairman of HBOS who is given an equally calm and deliberate performance, says there was "not much negotiation" with the government. | 1101 "This is not a negotiation it is a drive-by shooting". That is what Sir Fred Goodwin, ex-RBS boss, is reported to have said about talks with the government on their bail-out plan. The dapper Sir Fred, who is giving a very measured performance, tells MPs that was a private comment, but the deal was done very quickly and under a lot of pressure."It was very clear to everyone that it had to happen there and then," he adds. Lord Stevenson, former chairman of HBOS who is given an equally calm and deliberate performance, says there was "not much negotiation" with the government. |
| 1058 "John Mann's questioning of Andy Hornby was gratuitous. It had all the sophistication of a public flogging." Shane Wexford, Stoke-on-Trent | 1058 "John Mann's questioning of Andy Hornby was gratuitous. It had all the sophistication of a public flogging." Shane Wexford, Stoke-on-Trent |
| 1057 John McFall asks Andy Hornby whether he was expressing sympathy because his PR advisers had told him to do so. Mr Hornby repeats his apology and says the bank takes full responsibility. | 1057 John McFall asks Andy Hornby whether he was expressing sympathy because his PR advisers had told him to do so. Mr Hornby repeats his apology and says the bank takes full responsibility. |
| 1054 John Mann gets stuck into Sir Fred Goodwin, the ex-RBS chief, now. He asks if Sir Fred has a moral compass. Sir Fred again as he defends his integrity and repeats his apologies. | 1054 John Mann gets stuck into Sir Fred Goodwin, the ex-RBS chief, now. He asks if Sir Fred has a moral compass. Sir Fred again as he defends his integrity and repeats his apologies. |
| 1053 "Some of this questioning is very childish. How executives choose to invest their pensions and mistaken change of address forms are hardly constructive issues." Pete, Manchester | 1053 "Some of this questioning is very childish. How executives choose to invest their pensions and mistaken change of address forms are hardly constructive issues." Pete, Manchester |
| 1052 "These bankers seem to think that apologies will absolve them of blame - they don't fully realise or care how their selfish actions have compromised the finances of the whole country." Jonathan Guy, Warwick | 1052 "These bankers seem to think that apologies will absolve them of blame - they don't fully realise or care how their selfish actions have compromised the finances of the whole country." Jonathan Guy, Warwick |
| 1050 Andy Hornby says he is still being paid £60,000 a month by HBOS but the arrangement will only last another three months. Looking contrite, he insists he is not being rewarded for failure as he has lost money since the bank hit the buffers. He says he invested all his bonuses in the bank's shares. | 1050 Andy Hornby says he is still being paid £60,000 a month by HBOS but the arrangement will only last another three months. Looking contrite, he insists he is not being rewarded for failure as he has lost money since the bank hit the buffers. He says he invested all his bonuses in the bank's shares. |
| 1049 Andy Hornby, ex-HBOS boss is getting a bit testy after the Jobseekers' Allowance exchange. He has now been quizzed by MP Mann, a customer of the bank, on the morale of staff, which Mr Mann says is "in meltdown". Mr Hornby says it would be "extraordinary" if there had not been some demotivation but he believed morale would improve over the next two years. | 1049 Andy Hornby, ex-HBOS boss is getting a bit testy after the Jobseekers' Allowance exchange. He has now been quizzed by MP Mann, a customer of the bank, on the morale of staff, which Mr Mann says is "in meltdown". Mr Hornby says it would be "extraordinary" if there had not been some demotivation but he believed morale would improve over the next two years. |
| 1047 From BBC Political Editor Nick Robinson: Perhaps sensing that the bankers are finding this too easy Labour MP John Mann's deploying heavy sarcasm in taking on Fred "the Shred" Goodwin. "How much worse could it have been" - he asked - "if you'd not been in charge". He's now embarrassed Andy Hornby by asking him the level of the JSA which many of his former staff will be receiving. He had to have it pointed out that this was the new name for the dole. | 1047 From BBC Political Editor Nick Robinson: Perhaps sensing that the bankers are finding this too easy Labour MP John Mann's deploying heavy sarcasm in taking on Fred "the Shred" Goodwin. "How much worse could it have been" - he asked - "if you'd not been in charge". He's now embarrassed Andy Hornby by asking him the level of the JSA which many of his former staff will be receiving. He had to have it pointed out that this was the new name for the dole. |
| 1044 Sir Fred's pension, worth a reported £8m, is not linked to the share value of RBS, he reveals. It would not be allowed under the rules apparently. However he says he has lost £5m due to RBS's collapsing share price. | 1044 Sir Fred's pension, worth a reported £8m, is not linked to the share value of RBS, he reveals. It would not be allowed under the rules apparently. However he says he has lost £5m due to RBS's collapsing share price. |
| 1043 "I did once sympathise with these bankers, feeling that they were just the brunt of the media and the public's wrath but their lack of remorse for careless spending has changed my mind." Robbie Newton, Edinburgh | 1043 "I did once sympathise with these bankers, feeling that they were just the brunt of the media and the public's wrath but their lack of remorse for careless spending has changed my mind." Robbie Newton, Edinburgh |
| 1042 Andy Hornby, ex-HBOS boss, says he does not feel "personally culpable" for what happened as he had only recently taken over as chief executive when the storm hit. Sir Fred Goodwin, ex-RBS boss, says he does take responsibility. | 1042 Andy Hornby, ex-HBOS boss, says he does not feel "personally culpable" for what happened as he had only recently taken over as chief executive when the storm hit. Sir Fred Goodwin, ex-RBS boss, says he does take responsibility. |
| 1039 The due diligence process to assess the economic health of ABN Amro was done six months before the takeover by RBS, says Sir Tom McKillop. But there had been a "financial earthquake" in the intervening months, points out an incredulous committee chairman John McFall. | 1039 The due diligence process to assess the economic health of ABN Amro was done six months before the takeover by RBS, says Sir Tom McKillop. But there had been a "financial earthquake" in the intervening months, points out an incredulous committee chairman John McFall. |
| 1037 The heat is on HBOS (Halifax/Bank of Scotland) now. Andy Hornby, its former chief executive, insists it did have sufficient controls via non-executive directors on risks being taken by bank executives. Lord Stevenson, ex-chief executive of HBOS, says the bank had "very elaborate systems of risk management and stress-testing" and the board was "all over" the risks being taken. But he says: "We failed to consider some of the extreme scenarios that actually happened". | 1037 The heat is on HBOS (Halifax/Bank of Scotland) now. Andy Hornby, its former chief executive, insists it did have sufficient controls via non-executive directors on risks being taken by bank executives. Lord Stevenson, ex-chief executive of HBOS, says the bank had "very elaborate systems of risk management and stress-testing" and the board was "all over" the risks being taken. But he says: "We failed to consider some of the extreme scenarios that actually happened". |
| 1036 "While apologies wont fix anything now, at least these guys are willing to say 'we made a mistake' and 'sorry', even if they thought it was a good idea at the time." Jonathan Hewitt, Newcastle | 1036 "While apologies wont fix anything now, at least these guys are willing to say 'we made a mistake' and 'sorry', even if they thought it was a good idea at the time." Jonathan Hewitt, Newcastle |
| 1035 "This little spot of public humiliation will be over shortly, and then they will probably pop off to their yachts in Monaco for cocktails this evening." Nick Hawkins, Oxford | 1035 "This little spot of public humiliation will be over shortly, and then they will probably pop off to their yachts in Monaco for cocktails this evening." Nick Hawkins, Oxford |
| 1035 From BBC Political Editor Nick Robinson: The first flash of the anger felt by many watching at home. The Tory MP Michael Fallon told Sir Tom McKillop - the former chairman of Royal Bank of Scotland - that he'd "destroyed a great bank and cost the taxpayer £20 billion". I can't help noticing that the bankers are looking more not less relaxed. | 1035 From BBC Political Editor Nick Robinson: The first flash of the anger felt by many watching at home. The Tory MP Michael Fallon told Sir Tom McKillop - the former chairman of Royal Bank of Scotland - that he'd "destroyed a great bank and cost the taxpayer £20 billion". I can't help noticing that the bankers are looking more not less relaxed. |
| 1030 "Sir Fred seemed to be excusing bonus culture as a method of retaining staff & stopping 'churn'" Emalyse, UK | 1030 "Sir Fred seemed to be excusing bonus culture as a method of retaining staff & stopping 'churn'" Emalyse, UK |
| 1030 Sir Tom insists ABN AMRO only cost £10bn. That's OK then! He says: "The bulk of what we paid for ABN Amro will be written off as goodwill and we paid about £10bn". At the time, he repeats, it seemed like a good deal. The whole board agreed to it and it was not driven by Sir Fred Goodwin alone, says Sir Tom, and it was given FSA approval. | 1030 Sir Tom insists ABN AMRO only cost £10bn. That's OK then! He says: "The bulk of what we paid for ABN Amro will be written off as goodwill and we paid about £10bn". At the time, he repeats, it seemed like a good deal. The whole board agreed to it and it was not driven by Sir Fred Goodwin alone, says Sir Tom, and it was given FSA approval. |
| 1029 Jaw dropping stuff. Sir Tom McKillop, former Royal Bank of Scotland (which includes NatWest) chairman, says it was a "bad mistake" that RBS bought Dutch bank ABN Amro, which was, lest we forget, a £50bn deal. At the time it did not seem such a bad idea, he adds. | 1029 Jaw dropping stuff. Sir Tom McKillop, former Royal Bank of Scotland (which includes NatWest) chairman, says it was a "bad mistake" that RBS bought Dutch bank ABN Amro, which was, lest we forget, a £50bn deal. At the time it did not seem such a bad idea, he adds. |
| 1027 "Why are these men being treated so gently. Will someone please ask the difficult questions of them?" Tony Grace, Southampton | 1027 "Why are these men being treated so gently. Will someone please ask the difficult questions of them?" Tony Grace, Southampton |
| 1024 "'Have your banks lived up to the definition of a bank?' If they can't answer that, what is the point of anything else?" John Rogers, Bristol | 1024 "'Have your banks lived up to the definition of a bank?' If they can't answer that, what is the point of anything else?" John Rogers, Bristol |
| 1023 Andy Hornby is tackled about his £940,000 salary, which Mr McFall gives him a nice comfort zone. He agrees. | 1023 Andy Hornby is tackled about his £940,000 salary, which Mr McFall gives him a nice comfort zone. He agrees. |
| 1022 Sir Fred Goodwin says it is a "highly competitive market" and the big bonus culture was imported from the US. This was a "source of angst" for British banks, he tells the MPs, but they did not know what to do about it. | 1022 Sir Fred Goodwin says it is a "highly competitive market" and the big bonus culture was imported from the US. This was a "source of angst" for British banks, he tells the MPs, but they did not know what to do about it. |
| 1019 How can bankers justify bonuses of ten times their salary? Lord Stevenson says HBOS was not paying that kind of ratio and is moving towards a system that rewarded long-term performance. Tom McKillop also rejects the "ten times your salary" equation. Bonuses at RBS were far more modest, he insists. But the bonus culture was imported into High Street banks from the investment banks, he adds. | 1019 How can bankers justify bonuses of ten times their salary? Lord Stevenson says HBOS was not paying that kind of ratio and is moving towards a system that rewarded long-term performance. Tom McKillop also rejects the "ten times your salary" equation. Bonuses at RBS were far more modest, he insists. But the bonus culture was imported into High Street banks from the investment banks, he adds. |
| 1019 "Sorry is just not good enough, give the bonuses back. We should not reward failure." Walter Biggin, Perthshire | 1019 "Sorry is just not good enough, give the bonuses back. We should not reward failure." Walter Biggin, Perthshire |
| 1018 "These bankers have at least said 'sorry' for the collapse of the global economy. Well, that's all OK then..." Steve Fouch, Medway | 1018 "These bankers have at least said 'sorry' for the collapse of the global economy. Well, that's all OK then..." Steve Fouch, Medway |
| 1016 From BBC Political Editor Nick Robinson: A split has emerged. A white faced, nervy looking Andy Hornby - the former chief exec of HBOS - said in a quivering voice that bonuses were "not rewarding the right type of behaviour". He defended himself by saying that he'd not taken his bonus in cash but in shares and had lost more in those than he gained in money. Sir Fred Goodwin who told us simply that he was paid £1.6m last year was not really challenged on this issue. The bankers should feel that they've escaped pretty easily on this. | 1016 From BBC Political Editor Nick Robinson: A split has emerged. A white faced, nervy looking Andy Hornby - the former chief exec of HBOS - said in a quivering voice that bonuses were "not rewarding the right type of behaviour". He defended himself by saying that he'd not taken his bonus in cash but in shares and had lost more in those than he gained in money. Sir Fred Goodwin who told us simply that he was paid £1.6m last year was not really challenged on this issue. The bankers should feel that they've escaped pretty easily on this. |
| 1014 From BBC Political Editor Nick Robinson: The scripted apologies are over. The first sign of frustration from MPs followed when the witnesses struggled to answer the straight question from the Treasury Committee Chairman. Had their banks lived up to the definition of a bank ie an institution that safeguarded customer's money? Their answers ranged from "er" to "mmm" to "we did not forsee with enough clarityâ¦." | 1014 From BBC Political Editor Nick Robinson: The scripted apologies are over. The first sign of frustration from MPs followed when the witnesses struggled to answer the straight question from the Treasury Committee Chairman. Had their banks lived up to the definition of a bank ie an institution that safeguarded customer's money? Their answers ranged from "er" to "mmm" to "we did not forsee with enough clarityâ¦." |
| 1011 Lord Stevenson, former HBOS chairman, says he can "understand why" people are concerned about short-term cash bonuses. Former RBS chairman Tom McKillop says current events should prompt a review of bonus policy across the board - but it cannot be carried out in a "piecemeal way". | 1011 Lord Stevenson, former HBOS chairman, says he can "understand why" people are concerned about short-term cash bonuses. Former RBS chairman Tom McKillop says current events should prompt a review of bonus policy across the board - but it cannot be carried out in a "piecemeal way". |
| 1010 "I've worked for RBS for 26 years, Fred turned us from an admired institution to a laughing stock." Anonymous, London | 1010 "I've worked for RBS for 26 years, Fred turned us from an admired institution to a laughing stock." Anonymous, London |
| 1010 Bonuses now. Sir Fred Goodwin - "Fred the shred" as he is known by many newspapers - says he did not take a bonus in 2008. He says he and his colleagues have made considerable losses in the past year as they, like Andy Hornby formerly of HBOS, had invested their bonuses in bank shares. Mr Hornby criticises bonuses for short term performance, saying annual cash bonuses should be tied into longer term share performance, perhaps two or three years. | 1010 Bonuses now. Sir Fred Goodwin - "Fred the shred" as he is known by many newspapers - says he did not take a bonus in 2008. He says he and his colleagues have made considerable losses in the past year as they, like Andy Hornby formerly of HBOS, had invested their bonuses in bank shares. Mr Hornby criticises bonuses for short term performance, saying annual cash bonuses should be tied into longer term share performance, perhaps two or three years. |
| 1009 They are asked by committee chairman John McFall on whether they lived up to the definition of a bank that they are responsible for the safekeeping of people's money. After a lot of talking around the subject, Mr McFall decides they did not. | 1009 They are asked by committee chairman John McFall on whether they lived up to the definition of a bank that they are responsible for the safekeeping of people's money. After a lot of talking around the subject, Mr McFall decides they did not. |
| 1006 From BBC Political Editor Nick Robinson: So "sorry" isn't the hardest word. Each of the former bankers in turn have, predictably enough, said sorry. Each claimed that they had apologised before already - although that was to shareholders and not the public. Interesting that Lord Stevenson - the most political of the bunch - anticipated what will surely be another line of questioning on whether they've gained whilst we've suffered the pain by saying that "our shareholders - all of us - have lost a great deal of money". | 1006 From BBC Political Editor Nick Robinson: So "sorry" isn't the hardest word. Each of the former bankers in turn have, predictably enough, said sorry. Each claimed that they had apologised before already - although that was to shareholders and not the public. Interesting that Lord Stevenson - the most political of the bunch - anticipated what will surely be another line of questioning on whether they've gained whilst we've suffered the pain by saying that "our shareholders - all of us - have lost a great deal of money". |
| 1003 Sir Fred Goodwin says they did not get the scale and speed of the downturn. Everyone thought it was going to turn "at some point" but everyone was taken by surprise by the speed of it, he tells the MPs. | 1003 Sir Fred Goodwin says they did not get the scale and speed of the downturn. Everyone thought it was going to turn "at some point" but everyone was taken by surprise by the speed of it, he tells the MPs. |
| 1002 Did they think low interest rates and favourable economic conditions would last forever. Lord Stevenson chooses his words carefully. He did not "slavishly worship at that doctrine". Three years ago HBOS decided to lower their share of the housing market out of caution. But, he adds, the prevailing view was "bound to have an influence on us." | 1002 Did they think low interest rates and favourable economic conditions would last forever. Lord Stevenson chooses his words carefully. He did not "slavishly worship at that doctrine". Three years ago HBOS decided to lower their share of the housing market out of caution. But, he adds, the prevailing view was "bound to have an influence on us." |
| 0958 This is starting to look like a show trial. All four men have now offered sincere apologies. Former RBS chief Sir Fred "Goodwin said he wanted to offer a "profound and unqualified apology for all the distress that's been caused." | 0958 This is starting to look like a show trial. All four men have now offered sincere apologies. Former RBS chief Sir Fred "Goodwin said he wanted to offer a "profound and unqualified apology for all the distress that's been caused." |
| 0956 We're off. Lord Stevenson is first to be given the opportunity to apologise by committee chairman John McFall. He says: "We are profoundly and I think unreservedly sorry at the turn of events." | 0956 We're off. Lord Stevenson is first to be given the opportunity to apologise by committee chairman John McFall. He says: "We are profoundly and I think unreservedly sorry at the turn of events." |
| 0954 "I would ask whether they're sick of being made scapegoats for an entire nation's folly and addiction to debt." Pete, Cheshire | 0954 "I would ask whether they're sick of being made scapegoats for an entire nation's folly and addiction to debt." Pete, Cheshire |
| 0952 The four men - former HBOS chief executive Andy Horny, his former chairman Lord Stevenson, former RBS CEO Sir Fred Goodwin and his former chairman Sir Tom McKillop - have just filed into the Thatcher Room to face the panel of MPs. They are swapping small talk and pouring each other glasses of water. We should be under way any second now. | 0952 The four men - former HBOS chief executive Andy Horny, his former chairman Lord Stevenson, former RBS CEO Sir Fred Goodwin and his former chairman Sir Tom McKillop - have just filed into the Thatcher Room to face the panel of MPs. They are swapping small talk and pouring each other glasses of water. We should be under way any second now. |
| 0948 "They should all be stripped of their knighthoods and made to pay back all bonuses paid to them during the period in question." Robert Taylor, London | 0948 "They should all be stripped of their knighthoods and made to pay back all bonuses paid to them during the period in question." Robert Taylor, London |
| 0946 Committee chairman, Labour MP John McFall, told the BBC News Channel he wants to find out "what went wrong" and how these "once proud institutions have been brought to their knees and what lessons we can learn for the future." He is also expected to quiz them about how they justify their bonuses. | 0946 Committee chairman, Labour MP John McFall, told the BBC News Channel he wants to find out "what went wrong" and how these "once proud institutions have been brought to their knees and what lessons we can learn for the future." He is also expected to quiz them about how they justify their bonuses. |
| 0935 Welcome to our live text coverage of the Treasury Select Committee. This morning, the four men who presided over the rise and spectacular fall of two of Britain's biggest banks will be questioned for two hours or more on their role in Britain's financial crisis. The four - until recently senior executives at the Royal Bank of Scotland and HBOS - will face a panel of senior MPs in the Thatcher Room at Westminster's Protcullis House. The session is due to start at about 0945. | 0935 Welcome to our live text coverage of the Treasury Select Committee. This morning, the four men who presided over the rise and spectacular fall of two of Britain's biggest banks will be questioned for two hours or more on their role in Britain's financial crisis. The four - until recently senior executives at the Royal Bank of Scotland and HBOS - will face a panel of senior MPs in the Thatcher Room at Westminster's Protcullis House. The session is due to start at about 0945. |