Downing Street Says » Banks Package

» Tuesday, November 3, 2009

Banks Package

Asked if the Prime Minister thinks taxpayers will get their money back, the PMS said the Prime Minister had made clear he was confident that taxpayers would get their money back and the package was a good deal for taxpayers, however timing would be influenced by share prices and markets.

Put that the creation of three new banks would not see added competition for many years to come, the PMS said there were a number of factors to consider including what sort of new competitors emerged, that ready-made infrastructure and customers would be an attractive business proposition and that evidence from other sectors showed that more competitors improved prices and customer service.

Asked for the Prime Minister’s view on tackling the bonus culture, the PMS said the Prime Minister had been clear about the importance of moving from short-term irresponsible bonuses to longer-term incentive schemes including claw-back and deferral of cash bonuses. He said bonuses should link the performance of senior management with the long-term success of the business.

Asked if Downing Street had told people to prepare for an election on 25 March 2010, the PMS replied that the timing of a general election was a decision for the Prime Minister to make at the appropriate time.

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