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Cable demands quick RBS prosecution decision

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Business secretary Vince Cable has written to Scottish legal authorities to push for a fast decision on whether to prosecute former Royal Bank of Scotland directors.

The BBC reports Cable wants a quick resolution to the situation to maintain public confidence.

RBS required a £45.5bn public funded bailout in October 2008.

In December 2011, an FSA report said RBS was ruined by “multiple poor decisions” and a £50bn “gamble” on buying Dutch bank ABN Amro.

In January 2012, RBS chief executive Fred Goodwin was stripped of the knighthood he was awarded for services to banking.

The Crown Office of Scotland announced last July it was launching a criminal inquiry into the Scottish banking sector including the failures of RBS and its directors.

A letter from Cable to Scottish law officer Lord Wallace has asked for a progress update but Cable insists he is “not seeking to influence the outcome” of the legal process.

The letter said: “Given that this matter was referred to them in January 2012, I am very keen for a decision to be reached as quickly as possible in order to maintain public confidence in the efficiency of the decision-making process.”

Cable added public and media interest in the banking sector and RBS remains high.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Roman Duzinkewycz 1st May 2013 at 9:20 am

    ‘whether to prosecute……’ You’re having a laugh aren’t you? Surely the question should be ‘when’ and NOT ‘if’? These people are criminals and should be treated as such – stop messing about and get them into court and stop pussyfooting around and hiding behind the legal system – disgraceful that we are still ‘considering’ prosecution so many years after the event. For god’s sake, do the right thing for once.

  2. Prosecuted for what exactly? For being bad at his job? I wasn’t aware this was a criminal offence. I really don’t think Fred trashed RBS on purpose – it wasn’t in his interest to do that.

    If making a cock up is a criminal offence then the whole of this Government and the last one should be up in court.

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