MPs demand more transparency on nationalised banks
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In a report published today, the committee recommends that the nationalised and part-nationalised banks should publish quarterly data on their liabilities and financial performance.
Sub-committee chairman Conservative MP for Sevenoaks Michael Fallon says: "By nationalising financial institutions, the Government has taken on
responsibility for significant liabilities.
"In order for effective public scrutiny to be performed by Parliament and our Committee, the magnitude and nature of these liabilities must be comprehensively disclosed.
"Monday's additional package only increases the importance of accountability.
He adds: "We are therefore demanding that the Treasury quantify and disclose the liabilities involved in the extensive public funding of these banks.
"Given the amount of public money poured into them over the last six
months, taxpayers deserve no less in this economic crisis.
"Public companies are required to publish quarterly data on their accounts and, given the scale of public investment, the taxpayer deserves no less information from the Treasury."
