Bankers have admitted that serious consideration needs to be given to bring
off balance sheet vehicles out of the shadows following massive sub-prime
At the Treasury committee’s investigation into Northern Rock last week, the
bankers made the admissions about the off balance sheet structures.
Gerald Corrigan of Goldman Sachs, William Mills of Citigroup, Deutsche Bank’s
Lord Aldington and Jeremy Palmer of UBS all conceded that serious thought needed
to be given as to how and where the vehicles were accounted for.
Treasury committee member John Thurso asked whether banks needed to take ‘a
long hard look at off balance sheet vehicles’ and provide more rigour to give
outside observers a proper view of a company’s worth.
‘Clearly, the answer is yes,’ said Mills, whose group chief executive Charles
Prince lost his job over the sub-prime losses. Palmer agreed: ‘I think it’s
Off balance sheet structures may have added to the uncertainty banks may have
faced in lending to each other, in hiding what issues different banks had.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.