Public Inquiry into RBS must investigate dodgy investments portfolio

Friends of the Earth Scotland today backed Lord Turner’s call for a public inquiry into the collapse and bailout of RBS.

Financial Services Authority Chair Adair Turner has recognised the need for a thorough investigation into why billions of pounds of UK taxpayers’ money was used to bail out one of the world’s biggest banks.

Mary Church, Campaigner at Friends of the Earth Scotland, said:

“A Public Inquiry that examines the poor decision-making that lead to the collapse of RBS is essential if we are going to learn real lessons from this episode, and importantly, how to avoid this in the future.

“Any review of RBS’s collapse needs to look at what banks can do to ensure a stable and sustainable future.

“Pre-crash, RBS was one of the biggest UK financiers of high-risk fossil fuels including tar sands extraction in Canada, and they continue to pump billions into this incredibly destructive and unsustainable industry.”

Lord Turner’s statement comes amid calls to make public the findings of the FSA’s 18 month internal investigation into the banks collapse which looked at whether the bank had broken regulations, but not whether it had made bad decisions.

ENDS

For media enquiries please contact:

Per Fischer, Press Office, Friends of the Earth Scotland
t: 0131 243 2719

Notes to Editors

Friends of the Earth Scotland exists to help people in Scotland look after the planet for everyone’s future. We think globally and act locally in Scotland, delivering solutions to climate change by enabling and empowering people to take both individual and collective action. We offer help to people with the big things in life – helping to sustain a healthy society and environment. We believe that all of our children’s futures will be better because of what we do. www.foe-scotland.org.uk