Banking in Scotland: second report of session 2009-10, [Vol. 1]: Report, together with formal minutes, Volume 1

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The Stationery Office, Mar 8, 2010 - Business & Economics - 52 pages
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This report examines the impact on Scotland of the current economic crisis, specifically the recapitalisation of two of its largest banks: Royal Bank of Scotland (RBS) and the newly merged Lloyds TSB and Halifax Bank of Scotland. Evidence suggests that customers are not being fairly treated by the very banks being supported by taxpayers' money to the tune of hundreds of billions of pounds. The Committee is disappointed that both banks and the Minister consider it a necessary evil to reward to certain bank executives with enormous bonuses when thousands of rank and file employees face redundancy. They are not convinced that there has been a change of culture within banks as a result of the crisis and are concerned that front-line staff are still being pressured to sell potentially unsuitable products such as loans and credit cards to customers at pre-crisis levels. Furthermore, small and medium sized businesses vital to the Scottish economy have experienced extreme difficulties in the past eighteen months in accessing the finance necessary to keep themselves afloat. This inquiry specifically covered the effect of the banking crisis on jobs, services to the public and small business lending in Scotland; the effect of the failure of Scottish banks and building societies on the international reputation of Scotland's banking sector and the effectiveness of measures put in place by the UK Government
 

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Contents

Report Page
3
The impact of the banking crisis on Scotland
14
The reputation of Scotlands financial sector
40
Formal Minutes
47
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