Former B&B chairman takes blame for lender's demise

Rod Kent, former Bradford & Bingley chairman, expressed his regret yesterday, telling a Commons Treasury select committee hearing nationalisation had been the only option after a run on his bank.

Kent apologised for his management's role in the lender's demise and said the bank's board 'accepts it is fully accountable for what happened' and was 'massively sorry".

However, Richard Pym, B&B's chief executive, blamed the media for playing a part in the panic which led to the lender's demise. He stood by the lender's statement of September 25 - before it was 'over-run' by withdrawals - that it was 'strongly capitalised'.

Two days after the statement, the company was told its capital position did not meet levels required by the Financial Services Authority. Pym said the customer panic was fuelled by reports suggesting government aid was planned.

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