Sir Victor Blank surprised at demise of HBOS
While former chairman of Lloyds bank, Sir Victor Blank, ultimately lost his job due to the situation which is unravelling today, he has now expressed surprise at the pace at which the HBOS operation crumbled and the rate at which losses were accrued. For many months now we have heard rumours circulating the city that Lloyds bank may not have done as much due diligence as might be expected due in the main to the fact that HBOS was on its knees and the UK banking sector was in trouble.
However, the fact that Sir Victor Blank has today confirmed the company itself was surprised about the demise in HBOS, soon after the merger, seems to rubberstamp a feeling among some shareholders that the picture at the HBOS was possibly worse than they were led to believe. There is a growing groundswell amongst Lloyds bank shareholders that the company was pressurised in some way by the UK government to take on, at short notice, a merger with HBOS without knowing the full situation at the bank.
Even though we saw many court cases and many opinions before the merger with Lloyds bank was confirmed, there is no doubt that HBOS was on its knees and without the involvement of Lloyds bank would probably have gone under.
Share this..
Related stories
Lloyds bank investors hit back over company bonus scheme
While the UK government has been very vocal in the press in relation to the control of financial salaries and financial bonuses, there does not appear to be any restraint at Lloyds bank. This is a bank which is now 43% owned by the UK government, on behalf of UK taxpayers, but one which has apparently allowed main board directors to allocate significant bonus schemes to those at the top. This woul...
Read MoreBarclays bank set to soften approach regarding pension scheme
The announcement, some weeks ago, that Barclays bank will be closing the company's final salary pension scheme caused anger amongst employees. Not only is the scheme closed to new members (as it has been since 1997) but existing members will be encouraged to transfer to a money purchase scheme with various incentives from the company. The idea is that the existing pension fund deficit will be cove...
Read MoreFree bank accounts to ‘disappear within a decade’
A report from PricewaterhouseCoopers (PwC) has suggested that paid-for bank accounts will be the only option for consumers within the next decade, as they replace “unsustainable” free banking. The report predicts that customers who do not wish to pay a monthly charge for their account will see restrictions to their account introduced, such as limited withdrawals or a block on using branche...
Read MoreHips defy critics
Providers of Home Information Packs (Hips) have defied their critic by supplying them in under 48 hours, according to the Association of Home Information Pack Providers (Ahipp).Many had predicted that the introduction of Hips - which are now essential for anyone selling a house with four or more bedrooms and include a home energy efficiency rating, advice on how to cut carbon emmissions and fuel b...
Read MoreShould I refinance my debts?
As the financial environment in the UK continues to weigh heavily on the minds of many people across the country, both individuals and business people, a growing number are looking at potentially refinancing their debts. Should I refinance my debts is a question which is difficult to answer as each and every situation will be very different. The only real reason you would look to refinance your...
Read More