Committee publishes evidence submitted for inquiry into way forward for Scotland's financial sector


Views from some of the UK’s leading financial institutions on the cause and effects of the recent financial crisis and actions needed to meet future economic challenges have been published on the Scottish Parliament’s website today.

The submissions form part of the evidence for the inquiry by the Economy, Energy and Tourism Committee into the crisis in the banking sector and wider recession, how it has affected Scotland’s economy and the actions needed to safeguard the financial sector for the future.

Evidence from organisations including the Royal Bank of Scotland and the Office of Fair Trading are now available on the committee’s website.

They include views on the availability and cost of credit, the mortgage market, the future restructuring of Scotland’s financial-services sector and employment levels.

Convener of the Economy, Energy and Tourism Committee Iain Smith MSP said: ”We are now into the third week of an inquiry which seeks to understand the effect of the global economic crisis on Scotland and the actions required to make the future an economically stable and prosperous one.

"We have already held evidence sessions with a range of representatives – from the Scottish Government, the British Bankers' Association, and today from BBC Business Editor Robert Peston.

"The submissions published today build upon the range and depth of evidence available to the committee and come from key organisations in the Scottish and UK financial sector. They give the inquiry a much fuller understanding not only of the factors which led to the crisis but also of the changes now taking effect and what the future holds for Scotland’s financial sector.”

Background information
The full list of written and oral evidence being submitted to the committee is as follows:

  • Association of British Credit Unions Ltd, Scotland
  • Association of British Insurers
  • Association of Chartered Certified Accountants Scotland
  • Barclays
  • Colin R Botfield
  • British Bankers' Association
  • Building Societies Association
  • CBI Scotland
  • Chartered Institute of Bankers in Scotland
  • Clydesdale Bank
  • Co-operation and Mutuality Scotland
  • Council of Mortgage Lenders
  • Developing Strathclyde Ltd
  • The European Commission
  • Federation of Small Businesses
  • The Financial Services Authority
  • Highlands and Islands Enterprise
  • The Institute of Chartered Accountants in England and Wales' members in Scotland
  • The Institute of Chartered Accountants for Scotland
  • Investment Management Association
  • Lloyds Banking Group
  • The Office of Fair Trading
  • James Reynolds
  • Royal Bank of Scotland Group
  • The Scottish Building Federation
  • Scottish Council for Development and Industry
  • Scottish Council for Voluntary Organisations
  • Scottish Enterprise
  • Scottish Financial Enterprise
  • Scottish Government
  • Scottish Social Enterprise Coalition
  • Stephen Stoops
  • Scottish Trade Union Congress
  • Standard Life plc
  • Tesco
  • UK Financial Investments Ltd
  • Unite the Union
  • Virgin Money

The committee has already held two evidence sessions for the inquiry, with evidence from Scottish Financial Enterprise, the British Bankers’ Association, the Building Societies Association and the Scottish Government.

BBC Business Editor Robert Peston will appear before the committee today, while Royal Bank of Scotland chief executive Stephen Hester and Lloyds Banking Group executive director Archie Kane are scheduled to appear in November.

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