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Financial sector probe supported Financial sector probe supported
(about 2 hours later)
The Scottish first minister has expressed his preference for a parliamentary probe into the crisis surrounding the financial sector.The Scottish first minister has expressed his preference for a parliamentary probe into the crisis surrounding the financial sector.
Alex Salmond's comments came after one of his own backbenchers asked police to look into whether the Royal Bank of Scotland misled shareholders.Alex Salmond's comments came after one of his own backbenchers asked police to look into whether the Royal Bank of Scotland misled shareholders.
The Edinburgh-based bank revealed it was on course for the biggest loss in UK corporate history.The Edinburgh-based bank revealed it was on course for the biggest loss in UK corporate history.
Mr Salmond told BBC Scotland any investigation had to be wide-ranging.Mr Salmond told BBC Scotland any investigation had to be wide-ranging.
Nationalist MSP Christine Grahame has asked Lothian and Borders Police to investigate RBS.Nationalist MSP Christine Grahame has asked Lothian and Borders Police to investigate RBS.
Market conditionsMarket conditions
The bank, now under nearly 70% ownership by the UK Government, recently revealed it was expected to report a deficit before write-downs of between £7bn and £8bn for 2008.The bank, now under nearly 70% ownership by the UK Government, recently revealed it was expected to report a deficit before write-downs of between £7bn and £8bn for 2008.
Ms Grahame, a South of Scotland MSP, argued the state of the bank's finances should have known at the time it made a £12bn rights issue last April.Ms Grahame, a South of Scotland MSP, argued the state of the bank's finances should have known at the time it made a £12bn rights issue last April.
Speaking on BBC Scotland's Politics Show, Mr Salmond said an investigation, also supported among opposition MSPs, should cover the whole financial sector.Speaking on BBC Scotland's Politics Show, Mr Salmond said an investigation, also supported among opposition MSPs, should cover the whole financial sector.
He said: "I rather favour a parliamentary investigation, not just into the Royal Bank of Scotland. That would be daft.He said: "I rather favour a parliamentary investigation, not just into the Royal Bank of Scotland. That would be daft.
He went on: "My only provision is, that investigation should include the regulators, include the Financial Services Authority, to ask them the question of why they were asleep on the job and also, of course, the politicians who were in charge of the regulation and administration of the financial sector."He went on: "My only provision is, that investigation should include the regulators, include the Financial Services Authority, to ask them the question of why they were asleep on the job and also, of course, the politicians who were in charge of the regulation and administration of the financial sector."
RBS has cited challenging credit and market conditions towards the end of 2008.RBS has cited challenging credit and market conditions towards the end of 2008.
The bank declined to comment on calls for a police investigation.The bank declined to comment on calls for a police investigation.
Meanwhile, Robert Crawford, the former head of economic development agency Scottish Enterprise, predicted the UK recession would be long-lasting and could see the unemployment rate reach three million.
Mr Crawford, now an SNP candidate, told the Politics Show: "I fear that this recession, because of the nature of it - global, crossing all sectors, catalysed by the crisis in the financial services sector - will be one of the worst any of us experience in a lifetime. I'm very sorry to say that."