Barclays was growing faster than RBS
The name Barclays crops up rather a lot in the Financial Services Authority’s inquest into the meltdown at the Royal Bank of Scotland. That’s because the two banks were engaged in a bidding war for the Dutch bank ABN AMRO. It was that purchase that sank RBS. If Barclays had won the war, it would have probably have been terminally damaged too. We should remember that fact whenever a Barclays executive tells us, as they are wont to do, that they came through the 2008 crisis without needing to take taxpayers’ money.
There’s also a telling chart in the FSA report which shows how fast the UK’s large banks were growing in the years 2004-07. RBS was expanding rapidly under the reckless stewardship of Sir Fred Goodwin, even excluding the ABN purchase. But there was another large UK bank that was growing even quicker. Yes, you guessed right, it was Barclays.ABN AMRO, Fred Goodwin, fsa, rbs
Latest from Independent journalists on Twitter