Fraser shredded; inside RBS, the bank that broke britain (2014)

SHREDDED This eBook edition published in 2014 by Birlinn Limited West Newington House Newington Road Edinburgh EH9 1QS www.birlinn.co.uk Copyright © Ian Fraser 2014 The moral right of Ian Fraser to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988 All rights reserved No part of this publication may be reproduced, stored or transmitted in any form without the express written permission of the publisher ISBN: 978 78027 138 eBook ISBN: 978 85790 623 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library To Gail, Eleanor, John and Flora Contents List of Illustrations Acknowledgements Introduction 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The battle Royal Mathewson to the rescue Rebuilding the Royal Hanging on the telephone Financial engineering Wings spread George’s big ambition The Fred and Johnny show Bagging NatWest Anglo-Scottish blend The wrong kind of growth The fear culture Wall of silence Riding the Tiger Royal Bank of Fred Laird of Gogarburn Enter the pharmacist Fundamentally supine Three pillars of ignorance All-American boy No more deals Failed alchemists Bad leveraged bets I’m a-shattered, shattered! That Border Collie feeling Explosions at ABN Drink the Kool-Aid The crash 29 30 31 32 33 34 35 36 Death’s Head Fred found out Defibrillation and despair False dawn Hester’s ledger Et tu, George? McEwan’s uncertain remedy The guilty men Glossary Endnotes Bibliography Index List of Illustrations RBS’s head office at St Andrew Square, 1828 to 1969 RBS’s ‘world headquarters’ at Gogarburn, near Edinburgh, 2005 to date Fred Goodwin speaking at an anti-fraud conference in Beijing Santander and RBS directors unveil RBS’s £26.4 billion takeover offer for NatWest Fred Watt, Sir George Mathewson, George Younger and Fred Goodwin in RBS’s Waterhouse Square London HQ Sir George Mathewson, Fred Watt and Fred Goodwin unveil record pretax profits Barclays chief executive John Varley The ‘three amigos’ – Fortis’s Jean-Paul Votron, RBS’s Goodwin and Santander’s Emilio Botín – unveil plans for a bid for ABN AMRO Rijkman Groenink of ABN AMRO on his way to an Amsterdam courtroom Sir Tom McKillop gives evidence to the Treasury committee in Portcullis House Sir Tom McKillop and Fred Goodwin leave a session of the Treasury committee Sir Philip Hampton is driven away from RBS’s annual general meeting in Edinburgh Gordon Brown, Alistair Darling and Mervyn King at a meeting of G20 finance ministers in London RBS chief executive Stephen Hester speaking at a session of the Treasury committee Bob Diamond emerges from Portcullis House after being grilled by the Treasury committee New Zealander Ross McEwan, who became RBS’s CEO ‘Incomparably the handsomest townhouse we ever saw’: the Palladian villa at 36 St Andrew Square, built as a residence for Sir Lawrence Dundas in 1774, was Royal Bank of Scotland’s head office from 1828 until 1969 The statue, erected in 1833, commemorates former RBS governor and war hero, Sir John Hope, 4th Earl of Hopetoun (Royal Bank of Scotland) RBS chief executive Fred Goodwin was mocked by the Sunday Times over the construction of RBS’s sprawling ‘world headquarters’ at Gogarburn, near Edinburgh The complex can house 3,250 staff, cost £350 million and was completed ahead of schedule (© RCAHMS Licensor www.scran.ac.uk) Goodwin speaking at an anti-fraud conference in Beijing on November 2006 He became a regular visitor to China after RBS bought a 5.16 per cent stake in Bank of China, which gave him a seat on its board (Press Association) United against NatWest: Santander and RBS directors unveil RBS’s £26.4 billion takeover offer for NatWest Clockwise from left: Bob Scott, Fred Goodwin, George Mathewson, Emilio Botín, George Younger and José María Amusátegui (PA) Phillips, Peter ref1 Phillips, Zara ref1 Phillips & Drew Fund Management (PDFM) ref1, ref2 Pitman, Brian ref1, ref2 Pitman, Sir Brian ref1 Pitpass (and Pitpass.com) ref1, ref2 Pitt the Younger, Prime Minister William ref1 PJR Executive Coaching ref1 Planet Ponzi (Feierstein, M.) ref1 Plender, John ref1 PNC Financial Services ref1 Police Scotland ref1 Polverino, Antonio ref1 Port Financial Corp ref1 Potter, Alex ref1, ref2 Poutney, David ref1 Power Trip (McBride, D.) ref1 PPP schemes ref1 Pratley, Nils ref1 Prescott, John ref1 Preston Hall, Midlothian ref1 PricewaterhouseCoopers (PwC) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Primat, Francoise Schlumberger ref1 Prime Time (RTÉ) ref1 Prince, Charles ‘Chuck’ ref1 Priority Sites ref1 Privilege Insurance ref1, ref2, ref3 Proctor & Gamble ref1, ref2 Promontory Financial Group ref1 Property Week ref1, ref2 Prosser, David ref1 Providence Journal ref1 Prudential Insurance ref1 Prudential Regulation Authority (PRA) ref1, ref2, ref3, ref4, ref5, ref6 PSA Peugeot Citroën ref1 Public Accounts Committee (House of Commons) ref1 Public-Private Investment Programme (US) ref1 Purves, Sir William ‘Willie’ ref1 Putin, Vladimir ref1 Qatar Holding ref1 Qatar Investment Agency ref1 QuantRisk ref1 Quayside Corporate Services ref1 Queen Margaret University ref1 Quinlan, Derek ref1 Rabobank ref1 Railtrack ref1 Rainer, William ref1 Rajan, Raghuram ref1 Rake, Mike ref1 Rand, Ayn ref1, ref2 Randall, Jeff ref1 Randell, Charles ref1, ref2 Rangers FC ref1 Ranieri, Lewis ref1 ‘rank-and-yank’ performance management schemes ref1, ref2 Ratnakar Bank ref1 Rawnsley, Andrew ref1, ref2, ref3, ref4 Rayner, Tom ref1 RBS (Royal Bank of Scotland) ABN AMRO and explosive nature of integration of ref1 ‘Geveva Convention’ on deal with ref1 negotiations with ref1, ref2, ref3 Pyrrhic victory in battle for ref1 ‘adapt or die’ warning from Mathewson ref1 ambitious plans of Mathewson for ref1 Annan Savings Bank, acquisition of ref1 annual results for 2000, markets delight at ref1 audit trail, lack of ref1 auditors change in ref1 deficiencies in relation to ref1 Aviation Capital ref1 bank integrations, dab hands at large-scale mergers ref1 Barclays Bank Goodwin’s fear of vulnerability to ref1 Mathewson’s rough wooing of ref1, ref2 budget setting, annual process of ref1 business process outsourcing (BPO) operation in Chennai ref1 capital position, weakness of ref1 Capital Resolution Division’ (RCR) ref1, ref2 Charter One, problems with purchase of ref1 Charterhouse and ref1, ref2, ref3, ref4, ref5, ref6 Citizens Bank in US, groundwork for purchase of ref1 Citizens Financial Group, acquisition of ref1, ref2 cliquishness of directors, accusations of (1810s) ref1 commercial properties, tackling troubles loans on ref1 ‘competitive advantage,’ application of principle of ref1 confidence in, evaporation of ref1 Corporate and Institutional Banking Division (CIBD) ref1, ref2, ref3, ref4, ref5, ref6 Corporate Banking and Financial Markets (CBFM) ref1, ref2, ref3, ref4, ref5, ref6 corporate governance, failures of ref1, ref2 criminality and wrongdoing alleged at ref1 cross-selling, introduction of ref1, ref2 ‘Day One P&L,’ enablement of ref1 debt-to-EBITDA (earnings before interest, taxes, depreciation and amortisation) ratio ref1 Direct Line acquisition of ref1 investment in ref1 ‘distressed assets,’ proactive approach to ref1 diversification, Mathewson’s pledge on ref1 earnings-per-share (EPS) growth ref1 ‘Emergency Liquidity Assistance’ (ELA) for ref1 employees, Anglo-Saxon Protestants (WASPs) and hierarchy within ref1, ref2 Enron, relationship with ref1, ref2 European strategy under Mathewson ref1 executive jets, use of (and purchase of) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11 fear culture within ref1 financial engineering at ref1 financial regulators’ fears for ref1 ‘Financial Stability Measures’ for ref1 financial supermarket ref1 future for, uncertainty of ref1 ‘global ambassadors’ ref1 Global Banking and Markets (GBM) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18, ref19, ref20, ref21, ref22, ref23, ref24 Global Restructuring Group (GRG) ref1, ref2, ref3, ref4, ref5 government bailout for (1793) ref1 Group Executive Management Committee (GEMC) ref1, ref2 growth, chase for wrong kind of ref1 growth strategies, over-aggressiveness in ref1 ‘Hustle as Strategy’ ref1 institutional investors, effect on RBS crisis ref1 investment management, lack of independence in ref1 Leadership Excellence Profile (LEP) ref1, ref2 litigation, approach to ref1 Lockerbie Savings Bank, acquisition of ref1 Lombard Aviation leasing subsidiary ref1 major bank status ref1 management deficiencies, handicap of ref1 management of people out of their jobs ref1 management system, elements of ref1 markets, effect on RBS crisis ref1 Markets & International Banking (M&IB) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 ‘material adverse change’ (MAC) clause, invocation of ref1 ‘Mess Dinners,’ tradition of ref1 ‘morning huddle,’ staff performance and ref1 mortgage market entry ref1 National Commercial Bank, merger with (1969-70) ref1 NatWest and advertising new NatWest, M&C Saatchi campaign ref1, ref2 ‘banking acquisition of the century’ ref1 battle for control ref1 branding decision ref1 corporate lending, difference in approaches to ref1 cultural differences between ref1 delivery on promises, outline of progress ref1 directors’ bonuses, shareholder alienation and ref1 financial markets, tough decisions required on ref1 integration completed (and stitchover weekend) ref1 IT systems integration ref1, ref2 monopoly of small business banking, fears of ref1 myth of success of takeover ref1 organisational restructuring ref1 rejuvenation of brand ref1 risks of integration ref1 senior management team to lead combined group ref1 surprises, ‘good’ and bad’ ref1, ref2 targets, focus on ref1 NatWest series cricket sponsorship ref1 non-disclosure agreements (NDAs) and wall of silence from ref1 non-executive directors, failures of ref1, ref2 Open Golf sponsorship ref1 opening of ‘world headquarters’ by Queen and Duke of Edinburgh ref1 Operations Division for back-office functions ref1 origins of ref1 over-lending problems ref1 overstretch of, investors warned of ref1 Performance Evaluation Framework (PEF) ref1, ref2 performance management ref1 PPI misselling, endemic across group ref1 ‘Project Arran’ (ABN AMRO deal) ref1, ref2 ‘Project Rainbow,’ branch sell-offs to Santander ref1, ref2 RBS Business Agenda ref1 re-engineering of, Project Columbus and ref1 ‘rebooting RBS’ ref1 regulators, deficiencies in relation to ref1 restructuring misfires ref1 return on equity (RoE) ref1 rights issue prospectus, errors and omissions in ref1 risk management, failures of ref1 risks in growth, loss of moral compass and ref1 Royal Bank Development Capital, setting up of ref1 Rules, Orders and Bye-Laws for the Good Government of the Corporation of the Royal Bank of Scotland (1819) ref1 Santander, strategic alliance with ref1, ref2 savings and loans (S&Ls) crisis in US, beneficiary of ref1 Schadenfreude at misfortune of ref1 Scottishness, excess of ref1 Sempra commodities business ref1 shareholder meetings ref1, ref2, ref3 short-term shareholder value, push for ref1 Six Nations rugby sponsorship ref1 southwards expansion, post First World War ref1 staff surveys, inadequacies of ref1 Stanford construction project to house US operations ref1 ‘super normal profits’ of ref1 takeover offers for (and blocking of) ref1 ‘targeted selection’ process at ref1 technological innovation, centralisation of processes and ref1 Tesco and, joint venture between ref1 Tilney stockbrokers, acquisition of ref1 toxicity of brand ref1 universal bank, desire for ref1 Waterhouse Square, move of corporate and institutional business to ref1 West Register ref1, ref2, ref3, ref4, ref5 women on board of ref1 ‘world headquarters’ building at Gogarburn, development of ref1 ‘RBS: Inside the Bank That Ran Out of Money’ (BBC) ref1 RBS Advanta ref1 RBS International ref1, ref2 RBS Trust Bank ref1 Read, Darrell ref1 Reagan, Ronald ref1, ref2 Rebonato, Riccardo ref1 Reece, Damian ref1, ref2 regulators, ‘revolving door’ between regulated and ref1 see also Bank of England; Financial Conduct Authority; Financial Services Authority; Prudential Regulation Authority; Securities and Exchange Commission Regulatory News Service (RNS) ref1, ref2 Reid, Melanie ref1 Renaissance Capital ref1 Renton Howard Wood Levin (RHWL) ref1 Renwick, Jim ref1 Reporting Scotland (BBC TV) ref1 residential mortgage-backed securities (RMBSs) ref1 Reuters ref1, ref2, ref3 Rhodes, Gary ref1 Ricardo (RBS’s Italian-born mtre d’) ref1 Rice, Condoleezza ref1 Richardson, Chris ref1 Rick, Steve ref1 Rifkind, Malcolm ref1, ref2 Ringshaw, Grant ref1, ref2 Rio Tinto ref1 RIT Capital Partners ref1, ref2 Ritblat, Sir John ref1, ref2 Ritholtz, Barry ref1 Robertson, Iain ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18, ref19, ref20, ref21, ref22 Angel Trains, acquisition of ref1 asset management and investor services, pull-out from ref1 Corporate and Institutional Banking Division (CIBD) ref1, ref2 Robertson, Leith ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12 culpability for RBS collapse ref1 Robertson, Lord George ref1 Robertson, Pat ref1, ref2 Robey, Simon ref1 Robinson, Nicholas ref1 Robinson, Sarah ref1 Robson, Sir Steve ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12 Roden, Julien ref1 Roden, Neil ref1, ref2, ref3, ref4, ref5, ref6 Rogers, Carl ref1 Rolling Stock Operating Companies (ROSCOs) ref1 Rolling Stone ref1 Ronan, Johnny ref1 Roosevelt, Franklin D ref1 Rootes Group ref1 Rosberg, Nico ref1, ref2, ref3 Ross, Shane ref1 Rosyth naval dockyard ref1 Rothbard, Murray ref1 Rothman, Matthew ref1 Rothnie, David ref1 Rothschild, David Baron de ref1 Rothschild, Lord Jacob ref1, ref2 Rothschild, Nathaniel ref1 ‘Rothschild BlackRock Stitch-Up’ ref1 Roubini, Nouriel ref1 Rowland, Sir David ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11 Roy, Dhruv ref1 Royal Bank of Canada ref1 Royal Botanic Gardens, Edinburgh ref1 Royal Dutch/Shell Group ref1 Royal Institution of Chartered Surveyors ref1 Royal London Asset Management ref1, ref2 Royal Scottish Assurance (RSA) ref1, ref2 RoyScot ref1 RTÉ News ref1, ref2 Rubin, Robert ref1, ref2 Rumsfeld, Donald ref1 Russell, Ian ref1 Ryan, Arthur ref1 Ryder Cup ref1 Sach, Derek ref1 Sáenz, Alfredo ref1 Sahara India Pariwar ref1 Saigol, Lina ref1 Sainsbury’s ref1 Sainsbury’s Bank ref1 St Augustine in Vught, Holy Order of ref1 St James Centre ref1 Salmond, Alex ref1, ref2 Salomon Brothers ref1, ref2 Salomon Smith Barney ref1 Sampson, Anthony ref1 Samsonite ref1 Samuel, Bill ref1 Samuels, Simon ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Sandler, Ron ref1, ref2, ref3, ref4, ref5, ref6 Sands, Peter ref1 Sanford Bernstein ref1 Sanio, Jochen ref1 Santander ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16 Sants, Hector ref1, ref2, ref3, ref4 Sarbanes-Oxley Act (2002) ref1, ref2 Sarin, Arun ref1 Sarkozy, Nicolas ref1 save-as-you-earn (SAYE) schemes ref1 Savile, Jimmy ref1 Savoy Grill ref1 Schofield, Tony ref1, ref2, ref3 Scholar, Tom ref1, ref2, ref3, ref4, ref5, ref6 Scholten, Kent W ref1 Schroders ref1 Schwarzman, Steve ref1 Scion Capital ref1 Scotland Chartered Institute of Bankers in ref1 economic doldrums (1960s and 1970s) ref1, ref2 ‘Free Banking’ system in ref1 independence referendum ref1 jubilation at RBS takeover of NatWest ref1 patriotism in ref1 poll tax riots ref1 praise from Adam Smith for banking system in ref1 ‘specie’ payments, suspension of ref1 ‘tartan ring fence’ around banks in ref1 Thatcher’s policies in ref1 Scotland Act (1998) ref1 Scotland on Sunday ref1, ref2 Scotsman ref1, ref2, ref3, ref4 Scott, Bob ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Scottish Affairs Committee (House of Commons) ref1 Scottish Development Agency (SDA) ref1, ref2, ref3, ref4, ref5 Scottish Equitable ref1, ref2 Scottish Financial Enterprise (SFE) ref1 Scottish National Gallery ref1 Scottish Parliament ref1, ref2, ref3 Scottish Trades Union Conference (STUC) ref1 Scottish Widows ref1, ref2 Scottish Youth Business Trust (PSYBT) ref1 ScottishPower ref1 Scrip Issue ref1 In Search of Excellence (Peters, T and Waterman, R.) ref1 Sears, Roebuck & Company ref1, ref2 Seat ref1 Securities and Exchange Commission (US) ref1, ref2, ref3, ref4, ref5, ref6 Securities and Futures Authority (SFA) ref1 Seegers, Frits ref1 Seifert, Werner ref1 Serageldin, Kareem ref1 Sergeant, Carol ref1 Sergeant, John ref1 Serious Fraud Office (SFO) ref1, ref2, ref3 Serra, Davide ref1 S.G Warburg & Company ref1 SG Securities ref1, ref2, ref3 Shacklock, Tim ref1 Sheavills, Ernest ref1 Shebbeare, Sir Tom ref1 Shelby, Richard ref1 Sheridan, Tommy ref1 Shevas, Anne ref1 Shin, Hyun Song ref1 Short Brothers ref1 Siegel, Adam ref1 Simpkins, Edward ref1 Sir Robert McAlpine ref1 Six Nations rugby ref1 Skoda ref1 Sky News ref1 Slate magazine ref1, ref2 Slater, Steve ref1 Slaughter & May ref1, ref2, ref3 Smart, Ian and Alan ref1 Smit, Jeroen ref1, ref2, ref3 Smith, Adam ref1, ref2, ref3 Smith, Alexander ref1 Smith, Peter ref1, ref2 Smith, Terry ref1 Smith, Yves ref1 Smith Institute ref1 Smouha, Brian ref1 SNL Financial ref1 Snow, Jon ref1 Soanes, David ref1 Société Générale ref1, ref2, ref3 Soden, Mike ref1 Soros, George ref1 South China Morning Post ref1 Southern Water ref1| Sovereign Bancorp ref1 Spectator ref1 Spence, Geoffrey ref1 Spiers, Bob ref1, ref2, ref3 Spilker, Marc ref1 Spray, Stephen ref1 Staite, Richard ref1 Stalin, Joseph ref1 Standard & Poor’s (S&P) ref1, ref2, ref3, ref4, ref5 Standard Chartered Bank ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Standard Life ref1, ref2, ref3 Staple, George ref1 Starkey, David ref1 State Street Bank ref1, ref2 Staveley, Amanda ref1 Steen, John ref1 Steinour, Stephen ref1 Stephen, Nicol ref1 Stern School of Business (NYU) ref1 Stevenson, Lord Dennis ref1, ref2, ref3 excuses and apologies to Treasury select committee ref1 Stevenson, Tom ref1 Stewart, Collins ref1 Stewart, Lady Helen ref1 Stewart, Sir Jackie ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Stiglitz, Joseph ref1 Stone, Oliver ref1 Stone of Destiny ref1 Stott, Peter ref1 Strathclyde Business School ref1 Stringer, Joan ref1 structured investment vehicles (SIVs) ref1, ref2 Stuart, Charles Edward (‘The Young Pretender’) ref1, ref2 Stuart, James Francis Edward (‘The Old Pretender’) ref1 Stuart, Prince Charles Edward ref1 Sullivan, Chris ref1, ref2 Sumitomo Mitsui Financial Group ref1 Summers, Larry ref1, ref2 Sun ref1 Sunday Herald ref1, ref2, ref3, ref4 Sunday Independent ref1, ref2, ref3 Sunday Mail ref1 Sunday Telegraph ref1, ref2, ref3 Sunday Times ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18 Pravda school of journalism in ref1 Prufrock diary pieces ref1 Sunderland, Ruth ref1 Supplementary Special Deposit Scheme, scrapping of ref1 Sutherland, Peter ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 SVM Asset Management ref1, ref2, ref3, ref4, ref5, ref6, ref7 Swinney, John ref1 Swiss Re ref1 Syre, Steven ref1 Taggart, Michael and John ref1 Taibbi, Matt ref1 Takeover Panel ref1, ref2, ref3, ref4, ref5, ref6 Talbut, Robert ref1 Taleb, Nassim Nicholas ref1 Targett, Simon ref1 tax exempt special savings accounts (TESSAs) ref1 Taylor, Dennis ref1 Taylor, Martin ref1 Taylor, Phil ref1, ref2 Taylor, Robert ref1 Tchenguiz, Robert ref1 De Telegraaf ref1 Temasek Holdings ref1 Tendulkar, Sachin ref1, ref2 Tesco ref1, ref2, ref3 Tett, Gillian ref1, ref2, ref3, ref4, ref5, ref6, ref7 Texas City Refinery ref1 Al Thani, Sheikh Hamad bin Jassim bin Jabr ref1 Thatcher, Margaret ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 guilt in relation to banking crisis ref1 Thatcher, Mark ref1 Thistle Group Holdings ref1 Thomas, Mark ref1 Thompson, Paul ref1, ref2 Thorburn, David ref1 Tilmant, Michel ref1 Times ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 Timmons, Heather ref1 Tiner, John ref1 Today (BBC Radio 4) ref1, ref2, ref3 Toeman, Peter ref1 Toko, Atsuko ref1, ref2 Tomlinson, Lawrence (and Tomlinson Report, 2013) ref1, ref2, ref3 Torex Retail ref1 Torpey, Michael ref1 Toscafund ref1, ref2, ref3 Touche Ross ref1, ref2, ref3 Travelers Bank ref1 Treanor, Jill ref1 Treasury Holdings ref1 Treasury Select Committee ref1, ref2, ref3, ref4, ref5, ref6 Trichet, Jean-Claude ref1, ref2 Trippitt, Mike ref1 Trompenaars, Fons ref1 Troubled Asset Relief Program (TARP) ref1, ref2, ref3 Trustee Savings Bank (TSB) ref1 TSB Scotland ref1 Tucker, Paul ref1 Turner, Lord Adair ref1, ref2, ref3, ref4 Tyce, John ref1 Tyrie, Andrew ref1 UBS Phillips & Drew ref1, ref2 UBS Warburg ref1, ref2, ref3, ref4, ref5 UK Financial Investments (UKFI) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 Ulster Bank ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 asset growth ref1 ‘Journey2One’ (J21) ref1, ref2, ref3 Unionist bedrock ref1 UNIFI ref1 Unilever ref1, ref2, ref3, ref4 Union, Treaty of (1707) ref1 Union Bank of Switzerland (UBS) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16 Unisys ref1 Unite the Union ref1, ref2, ref3, ref4 Universidad Autónoma, Madrid ref1 Universities Superannuation Scheme ref1 University College Dublin ref1 Usher, Richard ref1 UST Corporation ref1, ref2 Vadera, Shriti ref1, ref2, ref3, ref4, ref5 Vallance, Sir Iain ref1, ref2, ref3, ref4, ref5, ref6, ref7 Value at Risk (VaR) ref1 Van Saun, Bruce ref1, ref2, ref3, ref4, ref5, ref6 Van Waeyenberge, Piet ref1 Varley, John ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12 VEB (Dutch Investors’ Association) ref1 Vettriano, Jack ref1 Vickers, Sir John ref1 Vickers Ring-Fence ref1 Viggers, Sir Peter ref1 Virgin ref1 Virgin Direct ref1 Virgin One ref1, ref2 Vodafone ref1 Volcker, Paul ref1 Volcker Rule ref1 Volkswagen ref1 Votron, Jean-Paul ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8 Wachovia ref1, ref2 Wal-Mart ref1 Waldorf Astoria ref1 Walker, Jim ref1 Walker, Sir David ref1 Walker Review on Remuneration ref1 Wall Street Journal ref1, ref2, ref3 Walpole, Robert ref1 Walsh, John ref1 culpability for RBS collapse ref1 Wanless, Derek ref1, ref2 Waples, John ref1, ref2 Wark, Kirsty ref1, ref2 Warner, Jeremy ref1 Washington Mutual ref1 Wassall Lighting ref1 Wasserstein, Bruce ref1 Waterman, Matthew ref1 Waterman, Robert ref1 Watson, Tom ref1 Watt, Fred ref1, ref2, ref3, ref4 Watt, Willie ref1 Wawoe, Kilian ref1 The Wealth of Nations (bronze statue) ref1 An Inquiry into the Nature and Causes of the Wealth of Nations (Smith, A.) ref1 Webb, David ref1 Webb, Martin ref1, ref2 Webber, Mark ref1 Weir, Tom ref1 Weir Group ref1 Weiss, Richard ref1 Welby, Justin ref1 Welch, Jack ref1 Welcome Break ref1 Welham, George ref1 Wellink, Nout ref1, ref2, ref3, ref4 Wellins, Dr Richard ref1 Westerhuis, Hans ref1 WestLB Panmure ref1 Westminster Bank ref1, ref2 Wheatcroft, Patience ref1, ref2 Where There Is Greed (Brown, G.) ref1 White, John ref1, ref2, ref3, ref4 White, Paul ref1 White, Rossa ref1 Whitehead, Grahame ref1, ref2, ref3, ref4, ref5 Whitehead Mann ref1 Whittaker, Guy ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18 Whittam Smith, Andreas ref1 Wilkinson, Daniel ref1 Willem I, King of the Netherlands ref1 Williams, Sir Frank ref1 Williams & Glyn’s Bank ref1, ref2, ref3, ref4, ref5 Williams Deacon’s Bank ref1, ref2 Williamson, Howard ref1 Wilson, Bill ref1, ref2 Wilson, Harold ref1 Wilson, Martin ref1, ref2, ref3, ref4 Wimbledon ref1 Winehouse, Amy ref1 Winter, Charlie ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13 Winters, Bill ref1, ref2, ref3 Wolf, Martin ref1, ref2 Wood, Peter ref1, ref2 Woodall, Pam ref1 Woodchester ref1 Woods, Sam ref1 Woolwich Building Society ref1 Worcester, Leigh ref1 World Economic Forum in Davos ref1 World Trade Organisation (WTO) ref1 WorldCom ref1 WorldPay ref1 Worshipful Company of Actuaries ref1 Wright, Stephen ref1 Wright, William ref1 WSP Construction ref1 Wurtzburg, Julia ref1 Wurz, Alexander ref1, ref2 Xiao Gang ref1 Yale School of Management ref1 Yo-Yo Ma ref1 Yorkes of Dundee ref1, ref2 Yorkshire Bank ref1, ref2 Yorkshire Post ref1 Young, Alf ref1, ref2, ref3 Younger, Diana ref1 Younger, George (later Lord) ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10, ref11, ref12, ref13, ref14, ref15, ref16, ref17, ref18, ref19, ref20, ref21, ref22, ref23, ref24 deputy chairmanship and support for Mathewson ref1 Zerohedge website ref1 Zhu, Dr Min ref1 Zimmermann, Stephen ref1 Zoete, Simon de ref1 Zombie Banks (Onaran, Y.) ref1 Zurich Financial Services ref1 ... produced There is no question that Scotland’s system of banking is one of the country’s greatest assets In the peaceful development of the country after the risings of the ’15 and ’45, the banks,... largely unaware that, since the late 1970s, Lloyds Bank had been actively pursuing a take-over of Royal Bank, that other banks including Germany’s Deutsche Bank were circling and that the main reason... concerned that the arrival of technocratic non-bankers like Mathewson would block their traditional career paths There was also some resentment that the Royal Bank had agreed to purchase Mathewson’s