BANK INQUIRY MUST GET FULL WESTMINSTER CO-OPERATION

Wednesday 3rd June 2009


Following the decision of the Scottish Parliament’s Economy committee to hold an inquiry into Scotland’s banking and financial services sector SNP committee member Rob Gibson MSP called for the UK Government, Financial Services Authority and Bank of England to co-operate fully with the Parliament’s investigation.

Speaking after a committee meeting this morning Mr Gibson, who had originally raised the idea of an inquiry with the Convenor of the Economy Committee said;

“This inquiry is important but without a full examination of the banks and the regulatory systems they operated under we cannot get to the bottom of what happened in the industry or focus properly on its future.

“It is important we focus as the Scottish Government has on supporting financial sector employees, on getting the economy moving again, on the reputation of our financial services industry and look to the future of industries small and large across Scotland.

“However no industry operates in a vacuum and there are important and essential questions to be asked of the Treasury, the Financial Services Authority and the Bank of England.

“The Treasury regularly refuses to be questioned by the Scottish Parliament – this time there must be full co-operation and UK Ministers, Bank Governors and the regulatory authorities must volunteer themselves for questioning.

“Scotland’s reputation requires a full examination of this situation and nothing less.”

ENDS