• Text size      
  • Send this article to a friend
  • Print this article

Banking standards grilling for Hornby

ANDY Hornby, the former Halifax Bank of Scotland (HBOS) chief executive, will next week be grilled by a parliamentary panel about his actions in the run-up to the bank's takeover by Lloyds TSB during the 2008 financial crisis.

The combined Lloyds Banking Group later needed a £20 billion taxpayer bailout.

Mr Hornby will appear alongside predecessor Sir James Crosby, HBOS chief executive between 2001 and 2005, at a hearing of the Parliamentary Commission on Banking Standards.

Former HBOS chairman Lord Stevenson will give evidence on Tuesday.

They will be scrutinised on their roles in the bank's pursuit of growth and their attitudes towards the risks it took on.

Mr Hornby is now chief executive of bookmaker Coral and chairman of Pharmacy2U.

Commission chairman, Andrew Tyrie MP, said: "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 among the public – collapsed almost completely.

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

Contextual targeting label: 

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.