IoD North West responds to latest banking crisis

North West Regional Chairman at the Institute of Directors, Tony Attard OBE

Following the revelations of mis-selling of interest rate swaps and the manipulation of the Libor rate, Tony Attard, regional chairman of the Institute of Directors North West commented: "The Institute of Directors is an ardent advocate of corporate governance and the great necessity for business leaders to lead with integrity and example. 

"I know that many business leaders and staff have been working incredibly hard to ensure that their companies remain in business during very difficult trading conditions whilst weathering the financial storm. It is essential for each business to ensure that everybody working in the organisation knows what they are doing and how their efforts are contributing to keeping the business afloat and in the right direction. It is particularly essential in a crisis that there is trust between all and that effective teams are built around this ability to trust each other.

"I have grown up in the business world where trust with my bank was never questioned, indeed I trust my bank and the people that work in it without question. It is therefore with incredulity that I read the financial press and talk to my fellow directors of misdemeanors that defy belief.

"From mis-selling risky investments to the elderly, tax avoidance, unjustified bonuses, mis-selling payment protection insurance,tax fraud, mis-selling loan default swoops to small business's and now libor fixing. If this does not constitute gross misconduct I do not know what does. Worryingly, it is unlikely that we will ever know the total amount of money that has been defrauded.

"In a world where we are all connected in some way, it is essential that all elements of our business world work towards creating a society and economy that we are proud of. Bank bosses are not exempt, they cannot live in a different moral universe."