Treasury Committee: Inquiry


The Treasury Committee announced on 25 November the terms of reference for the Banking Crisis inquiry and issued a call for evidence - see press notice 85.


The Committee has published a series of reports as part of this inquiry.


The Committee received a significant amount of written evidence as part of this inquiry. The written evidence has been published as volumes II and III.

Volume II | Volume III

Volume III contains documents [previously published on this site] relating to pension arrangements at RBS and Lloyds Banking Group.

Information on remuneration requested at the hearing with UKFI

Responses from RBS, Northern Rock, Bradford & Bingley and Lloyds Banking Group

Memorandum from the Bank of England, April 2009

Note from the Bank of England 'Towards a macro-prudential instrument'


As part of the inquiry the Committee held 17 oral evidence sessions.  Details of the witnesses who gave evidence are outlined below. 

Please use this link to access the transcripts of these sessions

Monday 3 November - Tripartite authorities

Witnesses: The Rt Hon Alistair Darling MP , Chancellor of the Exchequer, Mervyn King , Governor of the Bank of England, Lord Turner of Ecchinswell , Chairman of the Financial Services Authority

Tuesday 11 November - Fair value accounting and accounting standards

Witnesses: Paul Chisnall, Executive Director of Financial Policy & Operations, British Bankers' Association, Russell Picot, Member, BBA Financial Reporting Advisory Panel, Stephen Haddrill, Director General, Association of British Insurers, Liz Murrall, Director, Investment Management Association, Charles Cronin, Head, Chartered Financial Analyst Institute Centre, Sir David Tweedie, Chairman, International Accounting Standards Board, Paul Boyle, Chief Executive, Financial Reporting Council, Michael Izza, Chief Executive, Institute of Chartered Accountants in England & Wales

Tuesday 18 November - Nationalised Banks

Witnesses: Richard Pym, Chief Executive, Bradford and Bingley, and Rod Kent, Chairman, Bradford and Bingley; Gary Hoffman, Chief Executive Officer, Northern Rock, and Ron Sandler CBE, Non-Executive Chairman, Northern Rock (at 10.30 am)

Wednesday 19 November  - Incentive structures

Witnesses: Carol Arrowsmith, Partner at Deloitte, Ronnie Fox, Principal of Fox Law Firm, Peter Hahn, FME Fellow, Corporate Finance and Governance, Sir John Cass Business School, Charles Cotton, Reward Advisor, Chartered institute for Personnel and Development (CIPD), Brendan Barber, Secretary-General, TUC, Peter Montagnon, Director of Investment Affairs, ABI, Jonathon Taylor, LIBA, Miles Templeman, Director-General, IOD

Tuesday 13 January - Experts

Witnesses: Prof Willem Buiter, London School of Economics and Political Science,  Prof Charles Goodhart, London School of Economics and Political Science, and Dr Jon Danielsson, London School of Economics and Political Science; Will Hutton, The Work Foundation, Richard Lambert, CBI, and Jon Moulton, Alchemy Partners

Wednesday 14 January - Consumer Issues

Witnesses: Doug Taylor, Personal Finances Campaign Manager, Which?, Peter Tutton, Senior Policy Officer, Citizens Advice, and Andrew Cave, Head of Policy, Federation of Small Businesses; and Michael Coogan, Director General, Council of Mortgage Lenders, Stephen Sklaroff, Director General, Finance and Leasing Association, Angela Knight, Chief Executive, British Bankers’ Association

Tuesday 27 January - Hedge Funds and Investor groups

Witnesses: Andrew Baker, Alternative Investment Managers Association (AIMA), Douglas Shaw, Black Rock, Paul Marshall, Marshall Wace LLP, Chris Hohn, The Children's Investment Fund (TCI), and Stephen Zimmerman, NewSmith Capital Partners; and Peter Chambers, Legal & General Investment Management, Alan Grisay, F & C Investments, Richard Saunders, Investment Managers Association (IMA), Peter Montagnon, Association of British Insurers (ABI), David Pitt-Watson, Hermes, and Mr Antonio Borges, Hedge Fund Standards Board

Wednesday 28 January - Auditors and Credit Rating Agencies

Witnesses: Robert Hodgkinson, Institute of Chartered Accountants in England & Wales, Helen Brand, Association of Chartered Certified Accountants, Paul Boyle, Financial Reporting Council, Prof Prem Sikka, University of Essex, and Prof Michael Power, London School of Economics; John Hitchins, PwC, Brendan Nelson, KPMG, and Jonathan Hayward, Independent Audit; Moody's, Standard & Poor's, and Fitch Ratings

Tuesday 3 February  - The protection of UK citizens investing funds in non-UK jurisdictions

Witnesses: Ziggy Sieczko, KSFIOM Action Group, Neil Dickens, Landsbanki Guernsey Depositors’ Action Group, Chris Cummings, Director General, Association of Independent Advisers (AIFA), Councillor Richard Kemp, Vice-Chairman, Local Government Association, and Dr John Low, Chief Executive, Charities Aid Foundation; Tony Shearer, former Chief Executive of Singer and Friedlander Group Plc; Hon Tony Brown MHK, Chief Minister, and Mark Shimmin, Chief Financial Officer, Isle of Man, and John Aspden, Isle of Man Financial Supervision Commission, Lyndon Trott, Chief Minister, States of Guernsey, and Peter Neville, Director General of the Guernsey Financial Services Commission

Wednesday 4 February - The role of the media/Building Societies

Witnesses: Lionel Barber, Financial Times, Alex Brummer, Daily Mail, Simon Jenkins, Guardian, and Robert Peston, BBC

Witnesses: Graham Beale, Chief Executive, Nationwide, Adrian Coles, Director General, Building Societies Association , Iain Cornish, Chief Executive, Yorkshire Building Society, and Neville Richardson, Chief Executive, Britannia Building Society

Tuesday 10 February - Former bank executives

Witnesses: Sir Tom McKillop, former Chairman of RBS Group plc, Sir Fred Goodwin, former Chief Executive of RBS Group plc, Lord Stevenson of Coddenham, a Member of the House of Lords, former Chairman of HBOS plc and Mr Andy Hornby, former Chief Executive of HBOS plc

Wednesday 11 February - Current bank executives

Witnesses: Eric Daniels, Group Chief Executive, Lloyds Banking Group, John Varley, Group Chief Executive, Barclays, Stephen Hester Group Chief Executive, Royal Bank of Scotland, Antonio Horta-Osorio, Chief Executive, Abbey Bank, and Paul Thurston, HSBC UK Managing Director

Wednesday 25 February - FSA/FSCS

Witnesses: Lord Turner, Chairman, and Hector Sants, Chief Executive, Financial Services Authority, and Loretta Minghella, Chief Executive, Financial Services Compensation Scheme

Thursday 26 February - Bank of England

Witnesses: Mr Mervyn King, Governor, Mr Paul Tucker, Deputy Governor elect for Financial Stability, Mr Andy Haldane, Executive Director, Financial Stability, and Mr Andrew Bailey, Executive Director, Banking & Chief Cashier, Bank of England

Tuesday 3 March - UKFI

Witnesses: Mr Glen Moreno, Acting Chairman, and Mr John Kingman, Chief Executive, UK Financial Investments Limited (UKFI)

Tuesday 17 March - Lord Myners

Witnesses: Lord Myners CBE, a Member of the House of Lords, Financial Services Secretary to the Treasury, Ms Mridul Hegde, Director of Financial Services, and Mr Nikhil Rathi, Team Leader, Financial Stability Team, HM Treasury.

Thursday 19 March - Chancellor

Witnesses: Rt Hon Mr Alistair Darling, MP, Chancellor of the Exchequer, Dave Ramsden, Chief Economist, Tom Scholar, Managing Director, International and Finance, and Nikhil Rathi, Team Leader, Financial Stability, HM Treasury