Holyrood to probe demise of Airdrie Savings Bank

MSPs will examine how Airdrie Savings Bank was hit by the financial crisis. Picture: Alan Watson
MSPs will examine how Airdrie Savings Bank was hit by the financial crisis. Picture: Alan Watson
0
Have your say

The chief executive of ­Airdrie Savings Bank will appear before MSPs today as they examine the impact of the decision to close its doors for good.

Last month the bank – the last surviving independent savings bank – announced it is winding down with the potential loss of 70 jobs.

READ MORE: Airdrie Savings Bank to close its doors with 70 jobs lost

The regulatory burden faced by small lenders and the costs involved in investing in new technology were among the factors blamed for the ­decision.

The Scottish Parliament’s economy, jobs and fair work committee will hear from chief executive Rod Ashley together with Professor Charles Munn of the University of Glasgow and Wendy Dunsmore of the Unite union.

200 Voices: find out more about the people who have shaped Scotland

It will look at how the bank was affected by the ­financial crisis and whether current regulations are a barrier for challenger banks. The committee will also look at lessons learnt for the financial sector, including credit unions.

Click here to ‘Like’ The Scotsman Business on Facebook