• Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

  • Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

All data is delayed
Loading...
See More

King: Banks in denial over failures

Mar 12 2012 13:10
Reuters
London - Banks are in denial over their failure to deal with the financial crisis and the need to restructure their existing banking model, the governor of the Bank of England, Mervyn King, said in a newspaper interview on Monday.

King said the country's banks blamed him for not offering more support during the crisis because they could not "face up" to their own failures and the need for a restructured model.

"I think it is because they found it very, very difficult to face up to the failure of their banking model. That model needs to be restructured," he is quoted as saying in the article published in the Times.

"My duty was to Britain's economy as a whole and not just to one part of it," he said.

King criticised the banks for trying to stay outside market discipline, until they were forced to ask for bailouts as the economy began to tailspin.

King said "market discipline can't apply to everyone except banks", which is a contributing factor to the public anger against them which is "very real and wholly understandable".

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...