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 iOS 8 apps and features: eight iPhone settings you need to look at after you install the update
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
- 4 Scotland could still declare independence – even without referendum, says Alex Salmond
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Khorasan: Muhsin al-Fadhli - the man leading a terror group more feared by US officials than Isis
'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...