» Monday, August 3, 2009

Barclays Bank

Asked if the Prime Minister was pleased to see a recovery in some parts of the banking system, the PMS said that people were aware of the Prime Minister s view on the need in the banking system for a focus on long-term stability. Whilst not wanting to get into individual banks, we needed to make sure that we saw more credit flowing into businesses and households, which was the basis for the meetings that the Chancellor and the City Minister had had over the last few weeks with individual banks on lending agreements.

Asked if the Prime Minister was happy with the bonuses awarded at Barclays Bank, the PMS said that it was important to look at long-term stability and not short-term profit, but we would not get into commenting on an individual bank. More generally on the banking system, the Financial Services Authority now had new powers to penalise, there was the Code of Practice and also David Walker s report had set out several measures that would look to strengthen the regulation and corporate governance within banks.

original source.

Briefing took place at 11:00 | Search for related news

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