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Call to extend short-selling ban Call to extend short-selling ban
(about 3 hours later)
First Minster Alex Salmond has called for the new ban on short-selling to be extended to ensure the process does not move beyond the financial sector.First Minster Alex Salmond has called for the new ban on short-selling to be extended to ensure the process does not move beyond the financial sector.
The Financial Services Authority clampdown came after the downfall of HBOS last week, in which short-selling had been held partly responsible.The Financial Services Authority clampdown came after the downfall of HBOS last week, in which short-selling had been held partly responsible.
The restriction only applies to 29 leading financial stocks.The restriction only applies to 29 leading financial stocks.
Mr Salmond is also to meet with Lloyds TSB, which has taken over HBOS, on Tuesday to argue for Scottish jobs. Mr Salmond is also to meet with Lloyds TSB, which plans to take over HBOS, on Tuesday to argue for Scottish jobs.
Lloyds TSB has said it will retain the HBOS headquarters on Edinburgh's Mound, as well as Scottish banknotes.Lloyds TSB has said it will retain the HBOS headquarters on Edinburgh's Mound, as well as Scottish banknotes.
However Mr Salmond wants the new firm to retain branch offices and key areas of decision-making in Scotland.However Mr Salmond wants the new firm to retain branch offices and key areas of decision-making in Scotland.
Scotland's oldest financial institution has been sacrificed and jeopardised for no good reason First Minister Alex SalmondScotland's oldest financial institution has been sacrificed and jeopardised for no good reason First Minister Alex Salmond
He also said he had raised his concerns over short-selling in a letter to the FSA, asking it to broaden the restriction to include more firms.He also said he had raised his concerns over short-selling in a letter to the FSA, asking it to broaden the restriction to include more firms.
The FSA's ban is to remain in place until 16 January, though it will be reviewed in 30 days.The FSA's ban is to remain in place until 16 January, though it will be reviewed in 30 days.
"If this is an activity that is worth banning at least for the time being, then it's worth banning across the sectors," he said."If this is an activity that is worth banning at least for the time being, then it's worth banning across the sectors," he said.
The first minister went on to criticise the role of Prime Minister Gordon Brown and Chancellor Alistair Darling in the demise of HBOS.The first minister went on to criticise the role of Prime Minister Gordon Brown and Chancellor Alistair Darling in the demise of HBOS.
"The circumstances of losing Scotland's second largest company should not have been allowed to happen and those that did allow it to happen, yes, are remiss in allowing it to take place.""The circumstances of losing Scotland's second largest company should not have been allowed to happen and those that did allow it to happen, yes, are remiss in allowing it to take place."
Market recoveryMarket recovery
According to Mr Salmond, the immediate recovery in the markets after the short-selling ban showed the extent of its role in HBOS' collapse - HBOS shares were up 30% on Friday.According to Mr Salmond, the immediate recovery in the markets after the short-selling ban showed the extent of its role in HBOS' collapse - HBOS shares were up 30% on Friday.
"Scotland's oldest financial institution has been sacrificed and jeopardised for no good reason," he said."Scotland's oldest financial institution has been sacrificed and jeopardised for no good reason," he said.
"If these measures had been taken timeously and early enough then I've absolutely no doubt HBOS would be looking forward to a great future as an independent banking organisation.""If these measures had been taken timeously and early enough then I've absolutely no doubt HBOS would be looking forward to a great future as an independent banking organisation."
The first minister is also hosting a meeting of the Scottish Council for Development and Industry (SCDI) in Edinburgh on Monday.The first minister is also hosting a meeting of the Scottish Council for Development and Industry (SCDI) in Edinburgh on Monday.
Banking unions and other political parties will be among those invited.Banking unions and other political parties will be among those invited.