Latest Press Releases
| MORAY MP WELCOMES REPORT DETAILING PROTECTION FOR BANK CUSTOMERS |
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| Wednesday, 14 September 2011 00:00 |
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Moray’s Westminster MP Angus Robertson has welcomed the findings of the Independent Commission on Banking which set out its recommendations for reform of the sector.
The commission was put to work following the banking crisis which caused huge problems for people the length and breadth of the country, with Moray businesses and families being hit by job losses, a stagnant housing market and a lack if investment opportunity for important small and medium enterprises. The SNP MP has expressed concern however that twelve years will have elapsed between the financial crisis which began in 2007 and the Tory Chancellor’s proposed timescale for implementation in 2019 and warned that this should not be a “green light” for a return to previous irresponsible practises. Commenting the SNP’s Mr Robertson said: “ In Moray, as with everywhere else in the UK, there was widespread horror at the economic fallout from the irresponsible practices of some banks. “ Local businesses and families have suffered significantly from the reckless actions of bankers who have coined in enormous bonuses. That culture is just wrong and ultimately it is always the least well off who are hardest hit. “ Normal bank customers and High Street bank staff are paying the price for this reckless activity in other arms of bank business. “ The Vickers Commission has done a very thorough job and have set out a series of considered recommendations. “ While the banks have clear concerns about implementation of these reforms and compliance cost, this absolutely cannot be used as a reason to delay key reforms. The Commission makes this very clear when they talk about action being taken in the public interest. “ The public do not want to hear excuses from the banking sector, what they want is assurances and proper protection of their interests. “ The SNP strongly backs the view that the banks should be made more resilient by increasing loss absorbency and ring fencing but we are pleased the Commission has not recommended the total break up of universal banks. “Successive UK Governments have already been slow to deliver fundamental change and George Osborne has now confirmed an extremely long timescale for implementation. This is a major concern and we must have urgent assurances that the banks and the UK Government will not drag their heels over this. “ An eight year hiatus between the publication of this report and the final implementation of recommendations simply must not be a green light for business as usual and the return to big money bonuses while growth in the real economy continues to stutter.” |
