The Morning Briefing: Bailey in hot water again; DB transfer destinations
By Justin Cash 15
th March 2021 8:35 am
Good morning and welcome to your Morning Briefing for Monday 15 March, 2021. To get this in your inbox every morning click here.
Bailey In Hot Water Again
After moving over to Threadneedle Street from Stratford last year, former FCA boss Andrew Bailey must have been hoping for less of a spotlight on his every move. The governor of the Bank tends to have a far more controlled media presence, for example.
But after the back and forth that has been going on over his appearance in a report into the collapse of mini-bond firm London Capital and Finance, he has now hit the headlines again.
Bank governor asked to explain link to scheme in RBS scandal eveningtelegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eveningtelegraph.co.uk Daily Mail and Mail on Sunday newspapers.
Bank of England Governor Andrew Bailey helped design a controversial financial crisis debt scheme that ultimately led to thousands of small businesses being crippled in a major City scandal, The Mail on Sunday can reveal.
Documents uncovered in a Freedom of Information request show that in 2009 Bailey – the Bank s chief cashier at the time – worked on the design of the Government s so-called Asset Protection Scheme.
This insurance scheme was a vital safety net to protect £280billion of toxic RBS loans that threatened to topple the bank.
But the scheme – along with its controlling body, the Asset Protection Agency – has since been blamed for putting pressure on RBS to aggressively recover the debts from its small business customers.
Banking boffins from Lloyds, Nationwide, Revolut and more join us as we take a look at how our financial institutions are being shaken up in the pandemic period.