Banking chiefs summoned to finance probe

Published on Saturday 31 October 2009 10:18

BANKING chiefs are to give evidence to MSPs in the Scottish Parliament's inquiry into Scotland's financial services sector.

Senior figures including Royal Bank of Scotland chief executive Stephen Hester and Lloyds Banking Group executive director Archie Kane will appear before Holyrood's economy, energy and tourism committee over the next few weeks for the second phase of its inquiry into the way forward for the banking, building society and financial services sector.

And the MSPs will hold informal meetings with Scottish businesses to discuss issues surrounding access to credit.

The committee convener, Liberal Democrat MSP Iain Smith, said: "The committee is entering the second phase of its inquiry only a matter of days after it emerged the UK is still in recession.

"This is the first time since records began that GDP has dropped for a sixth successive quarter and it is clear the economic difficulties experienced in recent months are far from over for Scotland."

Among the issues the committee is focusing on are the changes which can be expected in Scotland's financial services sector; the effect these will have on business and retail banking; and how Scotland attracts new investment.