TaxAdministrationFormer B&B chairman takes blame for lender’s demise

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

Rod Kent is 'massively sorry' and accepts the blame for the lender's demise at Treasury committee hearing

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.

Further reading:

B&B racks up £27m in losses

Santander – who is behind the world’s 5th most profitable
bank?

Read
The Independent story

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