Bradford & Bingley shareholders who feel that no-one has considered them or listened to their complaints since the bank was nationalised in a behind-closed-doors scandal will finally get a chance to have their say, thanks to MPs.
The powerful and influential Treasury Select Committee has announced an extra hearing, in November, into the goings-on that led to Bradford & Bingley's 940,195 shareholders losing all of their money.
The new hearing, announced today, is in addition to the hearing that will see the Chancellor of the Exchequer, the Governor of the Bank of England and the Chairman of the Financial Services Authority summoned to appear before it to answer tough questions about the banking crisis.
As reported in this column, the committee has invited the public to submit questions to the committee about the banking crisis generally - but the announcement of the new and separate hearing suggests that the demand for answers from aggrived B&B shareholders has already been overwhelming enough to merit it.
The new hearing is into "the performance and actions of two banks that have recently been nationalised: Northern Rock and Bradford & Bingley", according to an official press release from the committee.
The date has yet to be decided, but the committee will invite written evidence on the specific topic of Bradford & Bingley when it announces the date and witnesses for the hearing.
Further written evidence, it says, will be invited at a later stage in the inquiry. Details about the submission of written evidence will be given in a subsequent press notice.
This column, the home of the Bradford & Bingley Shareholders' Campaign, urges all of Bradford & Bingley's shareholders to submit questions to the special committee hearing as soon as the date is announced... unless, of course, they're happy to have had their shareholdings peremptorily "extinguished" and wouldn't dream of tackling the perpetrators or demanding redress and compensation!
For the record, here is the committee's press notice in full:
22 October 2008: For Immediate Release
TREASURY COMMITTEE ANNOUNCES NEXT STEPS IN BANKING CRISIS INQUIRY
The Treasury Committee announced today that it will take evidence from the Chancellor of the Exchequer, the Governor of the Bank of England and the Chairman of the Financial Services Authority at the start of its inquiry into the Banking Crisis, and also set out plans for the next steps in its inquiry.
Initial hearing
The first public evidence session will take place at 4.00 pm on Monday 3 November 2008 in the Grimond Room, Portcullis House, with the following witnesses appearing together:
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 AuthorityAs previously announced (in the Committee’s press notice of 14 October, the Committee is inviting members of the public to send in questions they would like to see put to the witnesses, which can be sent to bankingcrisis@parliament.uk up to 48 hours before the start of the hearing.
Further information about submitting questions is given in Note 2 at the end of this announcement.
Listed financial institutions during the current period of heightened instability
The Committee has decided that, during the current period of heightened instability, it would not be appropriate for the Committee to take oral evidence from listed financial institutions. The Committee does expect to take evidence from such institutions at a later stage in its inquiry.
Topics for further hearings planned for November
The Committee plans to hold three further hearings in November on the following topics:
- The performance and actions of two banks that have recently been nationalised: Northern Rock and Bradford & Bingley;
- Fair value accounting and accounting standards, and their role in the current financial crisis;
- Incentive structures (including remuneration policies) within financial institutions, and their potential effects on financial stability, both at the institutional and system-wide level.
The Committee will invite written evidence on these three specific topics when it announces the dates and witnesses for these hearings. Further written evidence will be invited at a later stage in the inquiry. Details about the submission of written evidence will be given in a subsequent press notice.
1. PRESS NOTICE ISSUED ON 14 OCTOBER 2008
For details of the Committee’s press notice issued on 14 October, see:
http://www.parliament.uk/parliamentary_committees/treasury_committee/tsc0708pn74.cfm
2. GUIDANCE FOR SUBMITTING QUESTIONS RELATING TO HEARING ON 3 NOVEMBER 2008
Questions can be submitted up to 48 hours before the hearing, which will take place at 4pm on 3 November. The Committee regrets it cannot accept any other form of submission apart from email to the following address: bankingcrisis@parliament.uk
Submissions should take the form of questions rather than statements and should be no longer than 100 words. If you wish to remain anonymous, please state clearly at the beginning of the email.
The Committee regrets that not all questions submitted can be guaranteed to be asked.
FURTHER INFORMATION:
Committee Membership is as follows: Rt Hon John McFall (Chairman), Nick Ainger, Mr Graham Brady, Mr Colin Breed, Jim Cousins, Mr Philip Dunne, Mr Michael Fallon (Sub-Committee Chairman), Ms Sally Keeble, Mr Andrew Love, Mr George Mudie, Mr Siôn Simon, John Thurso, Mr Mark Todd, Sir Peter Viggers.(Press release ends)
DON'T FORGET! This column will publish the date of the meeting as soon as it is announced, and give details of how to submit questions or written evidence.
Keep checking this column for details and all the latest news on the Bradford & Bingley Shareholders' Campaign - and if you can mention it or even put a link to www.jonmcknight.typepad.com on appropriate forums or message boards, it can only add to our strength.
Jon McKnight
Author of Sort The Bastards!
