MASSIVE QUESTIONS OVER £62.2BN BAILOUT

MASSIVE QUESTIONS OVER £62.2BN BAILOUT

SNP CALL FOR IMMEDIATE TRANSPARENCY OVER SECRET BANK BAILOUT

SNP Treasury Spokesperson Stewart Hosie MP has called for immediately transparency from the Bank of England, the Treasury and the FSA after it emerged £62.2bn of secret emergency loans were granted to HBOS and RBS at the same time as a merger between Lloyds and RBS was being pushed through.

Commenting, SNP Treasury Spokesperson Stewart Hosie MP said:

“I make no criticism of Bank of England for doing its job and providing emergency funding but were HBOS and Lloyds shareholders told about this indeed did all the senior management in both banks know about this?

“Given that Gordon Brown’s Government have claimed the credit for these mergers, what did the Prime Minister and the Chancellor know about extraordinary sums of emergency funding going into banks in the middle of a highly contentious takeover? Did Hector Sants, the then chief executive of the FSA, know about these loans?

“This revelation today offers up far more questions than answers. The Bank of England, the Treasury and the FSA must immediately be open about what they knew and when they knew it.”