» Friday, November 14, 2008


Asked how the Prime Minister could square the news that there would be no Government representatives on the boards of part-nationalised banks, which was in contrast to comments made by the Chancellor in the House of Commons, the PMS said he did not think that there was any contradiction.

We made clear at the time that we would operate at arms length and that we would still operate influence over the banks, that we agreed the conditions of government assistance but that the mechanism for ensuring that the agreement was adhered to was arms length.

Asked if he was saying that the Government never suggested that there would be Government representatives on the boards of banks, the PMS replied that on the specifics of the Chancellor s statements, he would refer people to the Treasury. We had always made clear that we would exercise arms-length control.

original source.

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

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