This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk_politics/8529426.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Lib Dems 'not anti-banker party' | Lib Dems 'not anti-banker party' |
| (2 days later) | |
| The Lib Dems are not "anti-bank or anti-banker", party Treasury spokesman Vince Cable has insisted. | The Lib Dems are not "anti-bank or anti-banker", party Treasury spokesman Vince Cable has insisted. |
| In a speech in London, he said semi-nationalised banks like Lloyds and RBS were "key" to the UK's success. | In a speech in London, he said semi-nationalised banks like Lloyds and RBS were "key" to the UK's success. |
| But he reiterated his call for them to be broken up, arguing that taxpayers must be "totally disengaged" from the risks of global investments. | But he reiterated his call for them to be broken up, arguing that taxpayers must be "totally disengaged" from the risks of global investments. |
| Government must ensure banks meet their agreed lending commitments and offer loans on affordable terms, he added. | Government must ensure banks meet their agreed lending commitments and offer loans on affordable terms, he added. |
| Despite his criticism of their behaviour in the years before the 2008 crisis and continuing attacks on their lending and bonus practices in recent months, Mr Cable said he was not instinctively hostile to the UK's largest banks. | Despite his criticism of their behaviour in the years before the 2008 crisis and continuing attacks on their lending and bonus practices in recent months, Mr Cable said he was not instinctively hostile to the UK's largest banks. |
| 'Irresponsible' | 'Irresponsible' |
| "I have said some harsh things about the banks in the past - going back a decade or more - warning that their lifestyle was dangerously unhealthy; arguing against misguided demutualisation, irresponsible mortgage and consumer lending," he told business information firm Thomson Reuters. | |
| "But I haven't come here today to rehash the past, claim to be a new Nostradamus, allocate blame or give a sermon. The Liberal Democrats are not anti-bank or anti-banker. | "But I haven't come here today to rehash the past, claim to be a new Nostradamus, allocate blame or give a sermon. The Liberal Democrats are not anti-bank or anti-banker. |
| The lending agreements have to be more concrete, long term and better policed Vince Cable | The lending agreements have to be more concrete, long term and better policed Vince Cable |
| "We recognise that some banks and bankers emerge with credit from this crisis - HSBC, Standard Charter, the Co-op Bank and some, but not all, mutuals, led by Nationwide. | "We recognise that some banks and bankers emerge with credit from this crisis - HSBC, Standard Charter, the Co-op Bank and some, but not all, mutuals, led by Nationwide. |
| "We also recognise that banks have a key role as the heart of a capitalist economy, transforming savings into loans and managing financial transactions with minimum friction and cost." | "We also recognise that banks have a key role as the heart of a capitalist economy, transforming savings into loans and managing financial transactions with minimum friction and cost." |
| Mr Cable promised that if the Lib Dems won the general election, there will be a "fresh and consistent mandate for the nationalised and semi-nationalised banks". | Mr Cable promised that if the Lib Dems won the general election, there will be a "fresh and consistent mandate for the nationalised and semi-nationalised banks". |
| On lending to firms, he said: "The lending agreements have to be more concrete, long term and better policed. | On lending to firms, he said: "The lending agreements have to be more concrete, long term and better policed. |
| "These banks can be tools of government policy - securing and maintaining capital to good, solvent small and medium sized businesses that are vital to our economic recovery. | "These banks can be tools of government policy - securing and maintaining capital to good, solvent small and medium sized businesses that are vital to our economic recovery. |
| "Put simply: RBS and Lloyds are key to supporting the British economy." | "Put simply: RBS and Lloyds are key to supporting the British economy." |
| Break-up | Break-up |
| But Mr Cable stressed that RBS and Lloyds should be broken up - separating their investment banking and retail deposit operations - before they are returned to private ownership. | But Mr Cable stressed that RBS and Lloyds should be broken up - separating their investment banking and retail deposit operations - before they are returned to private ownership. |
| "The key issue for the UK is whether to proceed unilaterally or wait for broader agreement. The priority must and should be to make the UK safe." | "The key issue for the UK is whether to proceed unilaterally or wait for broader agreement. The priority must and should be to make the UK safe." |
| Mr Cable said the taxpayer could retain a stake in Lloyds Group and RBS for up to 10 years as their premature sell-off could be disastrous for efforts to restructure them and for the economy in general. | Mr Cable said the taxpayer could retain a stake in Lloyds Group and RBS for up to 10 years as their premature sell-off could be disastrous for efforts to restructure them and for the economy in general. |
| Mr Cable later told the BBC there was a lot of evidence that banks were "starving" small and medium-sized businesses of capital and that loans were often made on "onerous" terms. | Mr Cable later told the BBC there was a lot of evidence that banks were "starving" small and medium-sized businesses of capital and that loans were often made on "onerous" terms. |
| Chancellor Alistair Darling must give a "proper explanation" as to how banks were complying with lending commitments agreed nearly a year ago, he added. | Chancellor Alistair Darling must give a "proper explanation" as to how banks were complying with lending commitments agreed nearly a year ago, he added. |
| RBS has said it is approving 85% of loan applications it receives. | RBS has said it is approving 85% of loan applications it receives. |