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City Watchdog to publish RBS report

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by Kay Mitchell
’City

The Financial Services Authority (FSA) is set to publish a report on the near collapse of Royal Bank of Scotland (RBS) following an investigation into the bank.

The report, to be published by the end of March, comes after the bank had to be bailed out at the height of the financial crisis in autumn 2008, leaving it 83%-owned by the taxpayer.

However, the FSA said it requires permission from RBS to reveal details of its findings.

RBS almost collapsed on the eve of the credit crisis after the lender purchased Dutch bank, ABN Amro. The bank has since admitted the purchase was a “big mistake”.

Last year, the bank announced a full 2008 year loss of £24.1 billion – the largest annual loss in UK corporate history.

Meanwhile, FSA Chairman Adair Turner wrote in an open letter to Treasury Select Committee Chairman Andrew Tyrie: “We do not envisage a detailed blow-by-blow account, but a clear description of any key failings, whether related to FSA supervisory processes or to the decisions made by the board and executives of the bank.

“We would suggest delivering the report to the government and Treasury Select Committee by the end of March,” the letter added.

The FSA is also carrying out an investigation into HBOS, which was hastily taken over by Lloyds at the height of the financial crisis.

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News posted: December 16, 2010

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  1. Interserve share price has me totally baffled yesterday the number of shares traded could not have justified the share price movement. Today the same is happening again with just 15000 shares traded the stock has gone down disproportionatly. As a small investor I hope you can understand why this is because it does not look correct to me

    Comment by James Bryning — February 24, 2011 @ 9:01 am

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