JOINT

Banking Commission to question Sir James Crosby, Andrew Hornby and Lord Stevenson

03 December 2012

The Parliamentary Commission on Banking Standards will, next week, take evidence from the former Chief Executives of HBOS, Sir James Crosby and Andrew Hornby (Monday 3 December at 3.30pm) as well as from the former Chairman of HBOS, Lord Stevenson (Tuesday 4 December at 9.30am).

The HBOS panel, established to hold initial evidence gathering sessions on behalf of the full Commission, will complete its work this week.

The Commission has also today announced that another barrister - Rory Phillips QC of 3 Verulam Buildings - has been appointed as counsel to act as a specialist adviser to the Commission with a power to examine witnesses.

Alongside existing counsel David Quest, Mr Phillips QC will play a key role in the questioning of witnesses at next week's sessions.

The Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, added:

On the announcement of the evidence sessions:

"Two of these men were on the bridge when HBOS failed, when public money was needed to rescue it and when trust in our banking system - both within the industry and amongst the public - collapsed almost completely.

The decisions taken during this period, and before, had severe consequences for financial stability, for the economy as a whole and for every person in the country.

We will want to know how and why HBOS failed and what lessons can be learnt to prevent any future failures from having such a dire impact."

On the appointment of Rory Phillips QC:

"This is the first time the full Commission has used counsel. We will benefit from the input of not one, but two, highly respected barristers, working in tandem alongside the rest of the Commission.

David Quest has already made a huge contribution to the questioning of witnesses during panel sessions on the collapse of HBOS.

Rory Phillips QC has participated in a number of inquiries, covering a wide range of topics. The additional experience and expertise he brings will help us get to the bottom of what went wrong and why and, going forward, to make recommendations for remedy."

Witnesses

At 3.30pm, Monday 3 December, Grimond Room, Portcullis House
  • Sir James Crosby, former Chief Executive (2001 - 2005), HBOS

At 5.30pm, Monday 3 December, Grimond Room, Portcullis House

  • Andrew Hornby, former Chief Executive (2006 - 2008), HBOS

At 9.30am, Tuesday 4 December, Grimond Room, Portcullis House

  • Lord Stevenson, former Chairman (2001 - 2009), HBOS

Image: iStockphoto

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