Speeches by Glen.

“Loosen the lending criteria; I think that is well understood.”

“Thank you. Mr Nunn, do you agree more with Mr Stuart or Mr Maru? Are there other things, beyond ringfencing, that you would like to see happen that would be helpful for growth in your sector?”

“But if the PRA have the tools at their disposal to deal with any crises that may exist with unforeseen circumstances, why does the logic of 16 or 17 years ago still prevail? A lot has been learned, and lots of other tools around the capitalisation of banks and the different mechanisms used to keep the banking sector se…”

“What is not compelling in Mr Stuart’s logic?”

“Thank you, Mr Stuart. Mr Maru, I think you will take a different view. Barclays Capital is an entity that you have worked up over time; it is distinct from the other three banks here. Do you do you disagree with Mr Stuart? If you do, why do you disagree? Is it not just a convenience of your own company’s corporate jour…”

“The PRA would say that they have all the tools to deal with any major disruption risks, but the argument goes that this is a legacy of comfort, which the country needs, that there is not going to be contamination from casino activities into our mainstream banking sector. You would say that that is a redundant, out-of-d…”

“I want to look at growth and regulation, and I hope by the end to get some clarity about what you think can be done. In the Mansion House speech, the Chancellor said that the 2008 financial crisis resulted in a system that that had gone too far in seeking to eliminate risk taking, yet when Sam Woods came before us, he …”

“Thank you for your answers.”

“Why do you think they do not contribute at the moment?”

“That is always seen across Whitehall as too difficult a thing to do. Is it realistic to do that?”

“What specifically?”

“We are quite alarmed that the FCA said that, while financial crime is one its top priorities for the next five years, it just sees it as being about having slower growth. Now you have all collectively had to implement the authorised push payment reimbursement scheme, I think, over the last seven months. I seem to recal…”

“That is a really helpful, clear answer. Thank you.”

“It is a bit random.”

“But you favour a more prescriptive outcome from that review to give you comfort that you can extend the sort of assistance you offer your customers in a more wholesome and fuller way.”

“That is helpful, thank you.”

“Speak for yourself.”

“That is very helpful. Thank you. Can I move to our next witness, Mr Dharampal-Hornby?”

“If you have those five additional sectors added in—and I think we all understand the strategic role that a small investment can deliver in terms of crowding in other private money—is there a risk that the actual sums will be very small, given its inherited portfolio of obligations?”

“Mr Cummings, do you think that the size of what we have here is sufficient to do that? When will that be a likely option?”