HBOS chief faces calls to give up pension cash

THE finance chief who cost taxpayer-rescued Halifax Bank of Scotland more than £14 billion is facing demands to give up part of his £416,000-a-year pension.

Colin Matthew, 62, presided over the Edinburgh bank’s disastrous overseas expansion, which lost £10.9 billion in Ireland and a further £3.6bn in Australia.

But while other HBOS bosses have apologised, been fined or handed back honours and pensions following the bank’s collapse, Mr Matthew has avoided punishment.

Now politicians and finance experts are calling for his pension to be cut after the Banking Standards Commission found a “colossal failure of senior management and the board” at HBOS, and singled out Mr Matthew’s attempt at expanding into international markets.

Independent MSP Margo MacDonald said: “I think Colin Matthew should give this money back.

“These people should be truthful, we expect them to be responsible. Is it reasonable that he should retain his pension? I don’t think so.”