Letter: Banker can't speak for Co-operative

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The Independent Online
Sir: Your article headed 'Banks deny selling Britain short' (6 October) quotes Peter Wood, Barclays finance director, as speaking for all UK clearing banks. This is simply not true. He, or any other senior clearing bank manager, does not speak for one clearing bank - namely the Co-operative Bank.

Judging by his reported comments, he is an apologist for some clearing banks now terrified at the prospect of a full-scale inquiry into their foreign exchange dealings over the past few weeks and the possibility of a special windfall tax on banks' dealing profits.

If the cap fits wear it, but do not purport to speak for all clearing banks.

Yours faithfully,

TERRY THOMAS

Managing Director

The Co-operative Bank

Manchester

6 October

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