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Banking Crisis House of Commons Treasury Committee Banking Crisis Volume I Oral evidence Ordered by the House of Commons to be printed 3, 11, 18 and 19 November 2008, 13, 14, 27 and 28 January, 3, 4, 10, 11, 25 and 26 February, and 3, 17 and 19 March 2009 HC 144–I [Incorporating HC 1167 i–iv, Session 2007–08] Published on 1 April 2009 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue & Customs and associated public bodies. Current membership Rt Hon John McFall MP (Labour, West Dunbartonshire) (Chairman) Nick Ainger MP (Labour, Carmarthen West & South Pembrokeshire) Mr Graham Brady MP (Conservative, Altrincham and Sale West) Mr Colin Breed MP (Liberal Democrat, South East Cornwall) Jim Cousins MP (Labour, Newcastle upon Tyne Central) Mr Michael Fallon MP (Conservative, Sevenoaks) (Chairman, Sub-Committee) Ms Sally Keeble MP (Labour, Northampton North) Mr Andrew Love MP (Labour, Edmonton) John Mann MP, (Labour, Bassetlaw) Mr George Mudie MP (Labour, Leeds East) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Mr Mark Todd MP (Labour, South Derbyshire) Mr Andrew Tyrie MP (Conservative, Chichester) Sir Peter Viggers MP (Conservative, Gosport) The following members were also members of the committee during the inquiry: Mr Philip Dunne MP (Conservative, Ludlow), Mr Stephen Crabb MP (Conservative, Preseli Pembrokeshire), Mr Siôn Simon MP, (Labour, Birmingham, Erdington) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the Internet via www.parliament.uk. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/treascom. A list of Reports of the Committee in the current Parliament is at the back of this volume. Committee staff The current staff of the Committee are Dr John Benger (Clerk), Sîan Woodward (Second Clerk and Clerk of the Sub-Committee), Adam Wales, Jon Young, Jay Sheth and Cait Turvey Roe (Committee Specialists), Phil Jones (Senior Committee Assistant), Caroline McElwee (Committee Assistant), Gabrielle Henderson (Committee Support Assistant) and Laura Humble (Media Officer). Contacts All correspondence should be addressed to the Clerks of the Treasury Committee, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 5769; the Committee’s email address is [email protected]. Banking Crisis – Oral Evidence 1 Witnesses Monday 3 November 2008 Page Rt Hon Mr Alistair Darling, MP, Chancellor of the Exchequer; Mervyn King, Governor of the Bank of England; and Lord Turner of Ecchinswell, Chairman of the Financial Services Authority Ev 1 Tuesday 11 November 2008 Paul Chisnall, Executive Director of Financial Policy & Operations, British Bankers’ Association (BBA); Russell Picot, Member, BBA Financial Reporting Advisory Panel; Stephen Haddrill, Director General, Association of British Insurers; Liz Murrall, Director, Investment Management Association; and Charles Cronin, Head, Chartered Financial Analyst Institute Centre Ev 21 Sir David Tweedie, Chairman, International Accounting Standards Board, Paul Boyle, Chief Executive, Financial Reporting Council, and Michael Izza, Chief Executive, Institute of Chartered Accountants in England and Wales Ev 30 Tuesday 18 November 2008 Richard Pym, Chairman, and Rod Kent, former Chairman, Bradford and Ev 40 Bingley Gary Hoffman, Chief Executive Officer, Ron Sandler, Non-Executive Ev 53 Chairman, and Ann Godbehere, Chief Financial Officer, Northern Rock Wednesday 19 November 2008 Peter Hahn, FME Fellow, Corporate Finance and Governance, Sir John Cass Business School, Ronnie Fox, Principal of City law firm Fox, Carol Arrowsmith, Partner, Deloitte & Touche LLP and Mr Charles Cotton, Reward Adviser, Chartered Institute for Personnel and Development (CIPD) Ev 64 Brendan Barber, General Secretary, Trades Union Congress (TUC), Miles Templeman, Director General, Institute of Directors (IOD), Peter Montagnon, Director of Investment Affairs, Association of British Insurers (ABI) and Jonathan Taylor, Director General, London Investment Banking Association (LIBA) Ev 76 2 Banking Crisis – Oral Evidence Tuesday 13 January 2009 Professor Willem Buiter, Professor of European Political Economy, Professor Charles Goodhart, Professor Emeritus of Banking and Finance, and Dr Jon Danielsson, Financial Markets Group, London School of Economics Ev 86 Will Hutton, Executive Vice-Chair, The Work Foundation, Mr Richard Lambert, Director General, CBI, and Jon Moulton, Managing Partner, Alchemy Partners Ev 96 Wednesday 14 January 2009 Doug Taylor, Personal Finances Campaign Manager, Which?, Peter Tutton, Senior Policy Officer, Citizens Advice, and Andrew Cave, Head of Policy, Federation of Small Businesses Ev 107 Michael Coogan, Director General, Council of Mortgage Lenders, Stephen Sklaroff, Director General, Finance and Leasing Association, and Angela Knight, Chief Executive, British Bankers’ Association Ev 115 Tuesday 27 January 2009 Andrew Baker, Chief Executive, Alternative Investment Management Association, Douglas Shaw, Managing Director and Head of BlackRock’s Proprietary Alpha Strategies Team, BlackRock, Chris Hohn, Founder and Chief Investment Officer, The Children’s Investment Fund, Stephen Zimmerman, Chairman, NewSmith Capital Partners, and Paul Marshall, Chairman, Marshall Wace LLP Ev 127 Peter Chambers, Chief Executive, Legal & General Investment Management, Richard Saunders, Chief Executive, Investment Management Association, Peter Montagnon, Director of Investment Affairs, Association of British Insurers, Alan Grisay, Chief Executive, F&C Investments, Antonio Borges, Chairman, Hedge Fund Standards Board, and David Pitt-Watson, Senior Advisor, Hermes Equity Ownership, Hermes Ev 139 Wednesday 28 January 2009 Robert Hodgkinson, Executive Director of Technical Strategy, Institute of Chartered Accountants in England & Wales, Helen Brand, Chief Executive, Association of Chartered Certified Accountants, Paul Boyle, Chief Executive, Financial Reporting Council, Professor Prem Sikka, Professor of Accounting, University of Essex, and Professor Michael Power, Professor of Accounting, London School of Economics Ev 148 John Hitchins, Partner, PwC, Brendan Nelson, Vice-Chairman, KPMG, and Jonathan Hayward, Chief Executive, Independent Audit Ev 156 Michael Madelain, Executive Vice President, and, Frederic Drevon, Senior Managing Director, Moody’s, Barry Hancock, Managing Director and Head of European Corporate and Government Services, and Ian Bell, Ev 164 Standard & Poor’s, Stephen W Joynt, President and Chief Executive Banking Crisis – Oral Evidence 3 Officer, and Charles Prescott, Group Managing Director, Financial Institutions, Fitch Ratings Tuesday 3 February 2009 Ziggy Sieczko, KSFIOM Action Group, Councillor Richard Kemp, Local Government Association, Neil Dickens, Landsbanki Guernsey Depositors Action Group, Chris Cummings, Director General, and Amanda Davidson, Deputy Chair, Association of Independent Financial Advisers (AIFA), and Dr John Low, Chief Executive, Charities Aid Foundation (CAF) Ev 173 Tony Shearer, former Chief Executive of Singer and Friedlander Ev 182 Hon James Anthony (Tony) Brown MHK, Chief Minister, Isle of Man, Mark Shimmin, Chief Financial Officer, Treasury, Isle of Man, John R Aspden, Chief Executive of the Financial Supervision Commission, Isle of Man, Deputy Lyndon Trott, Chief Minister of Guernsey, and Peter Neville, Director General, Guernsey Financial Services Commission Ev 187 Wednesday 4 February 2009 Alex Brummer, Daily Mail, Lionel Barber, Financial Times, Robert Peston, BBC, Simon Jenkins, Guardian, and Jeff Randall, Daily Telegraph and Sky Ev 197 Adrian Coles, Director General, Building Societies Association, Iain Cornish, Chief Executive, Yorkshire Building Society, Neville Richardson, Britannia Building Society, and Graham Beale, Chief Executive, Nationwide Building Society Ev 211 Tuesday 10 February 2009 Sir Tom McKillop, former Chairman, and Sir Fred Goodwin, former Chief Executive RBS Group plc, Lord Stevenson of Coddenham, former Chairman, and Andy Hornby, former Chief Executive, HBOS plc Ev 221 Wednesday 11 February 2009 Eric Daniels, Group Chief Executive, Lloyds Banking Group, John Varley, Group Chief Executive (Board and Executive Committee member), Barclays, Stephen Hester, Group Chief Executive, RBS, António Horta-Osório, Chief Executive, Abbey, and Paul Thurston, UK Managing Director, HSBC Ev 252 Wednesday 25 February 2009 Lord Turner of Ecchinswell, Chairman, and Hector Sants, Chief Executive, Financial Services Authority, and Loretta Minghella, Chief Executive, Financial Services Compensation Scheme Ev 277 4 Banking Crisis – Oral Evidence Thursday 26 February 2009 Mervyn King, Governor, Paul Tucker, Deputy Governor elect, Financial Stability, Andy Haldane, Executive Director, Financial Stability, Andrew Bailey, Executive Director, Banking and Chief Cashier, Bank of England Ev 305 Tuesday 3 March 2009 Glen Moreno, Acting Chairman, and John Kingman, Chief Executive, UK Financial Investments Ltd Ev 325 Tuesday 17 March 2009 Lord Myners CBE, Financial Services Secretary to the Treasury, Mridul Hegde, Director of Financial
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