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Move discussion forward – BBA

Move discussion forward – BBA

Category: Economy

Updated: 04/08/2009
First Published: 01/05/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The British Banking Association (BBA) has spoken out against the Treasury Committee's report on the economic crisis, which concluded that bankers have made an astonishing mess of the financial system.

The report also said the culture within parts of the British banking sector had been one of risk taking and had been key to bringing about the collapse.

In addition, it said some of the financial institutions have been the principal authors of their own demise, while also apportioning some of the blame on the supervisory system, which it says was designed to protect the public from systemic risk

However, the BBA believes the report does little to reflect the work banks are undertaking with the Government to restore the economy and the committee's findings will not move forward the discussions of future banking.

Angela Knight, chief executive of the BBA, commented that the Committee had sought headlines rather than provide good analyses, as were delivered in a previous report by Lord Turner.

"The industry acknowledged some time ago that in some banks the risk controls were not good enough. But many banks are in fact weathering this financial crisis and it is unfortunate the Committee has not seen fit to recognise this," she added.

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