Bank in dock over Barings
Sunday 16 July 1995
Officials at the Bank ducked reports that one of the top six executives in the supervision department had resigned rather than be fired as the Bank's scapegoat. "We have no comment one way or another until the Barings report is published," a spokesman said.
The unnamed central banker is the first official victim of the crisis, although 23 Barings executives have left their jobs since the merchant bank was rescued by ING, the Dutch bank.
The Bank of England also refused to break cover when the Labour Party warned it was gearing up for a serious assault if the Bank glossed over its role in Barings' pounds 860m collapse in February.
The Bank, through the Board of Banking Supervision, is in the awkward position of having to investigate itself for its regulation of Barings.
Labour's City spokesman, Alastair Darling, said a report that criticised the merchant bank's management and derivatives trader Nick Leeson - but downplayed the Bank's role as regulator - would not be acceptable.
"It will not be enough to point to the failings of Barings bank," said Mr Darling. "We need to discover what went wrong at the supervisory level."
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
This 'woman calls police to order pizza' story isn't going where you're expecting
McKamey Manor: This 'extreme' haunted house is the stuff of nightmares
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...