by Perman, Ray
character and career ref1
first Governor of Bank of Scotland ref1
invents banking rules ref1
takes emergency action ref1
homologation ref1, ref2
Hornby, Andy ref1
£2 million incentive ref1
becomes Chief Executive ref1
bonuses taken in shares ref1
called to resign ref1
calms tempers ref1
feeling stress ref1
evidence to parliamentary commission ref1
firesale ref1
Halifax retail director ref1
HBOS retail head ref1
increased bonus ref1
made Chief Operating Officer ref1
new jobs ref1
parliamentary commission criticism ref1
resigns ref1
sales-driven culture ref1
sales letters ref1
scraps targets ref1
select committee evidence ref1
‘state of panic’ ref1
‘very worried’ ref1
household debt ref1
HSBC ref1, ref2, ref3, ref4, ref5
bid for Royal Bank of Scotland ref1
Hunter, Sir Tom ref1, ref2, ref3, ref4
Institute of Bankers in Scotland see Chartered Institute of Bankers in Scotland
Intelligent Finance ref1, ref2, ref3
International Monetary Fund ref1, ref2, ref3, ref4
Ivory, Brian ref1
Jenkins, David ref1, ref2, ref3
Kallakis, Achilleas ref1
Kearton, Lord ref1
King, Mervyn ref1, ref2
Knox, Lesley ref1, ref2
Lambert, Sir Richard ref1
Lawson, Lord ref1, ref2
Lehman Brothers ref1, ref2
Leighton, Sir Allan ref1, ref2, ref3
Leslau, Nick ref1, ref2
LIBOR scandal ref1, ref2
LloydsTSB ref1, ref2, ref3, ref4
bids for Abbey National ref1
HBOS takeover ref1
low average salary ref1
redundancies ref1
share price drops ref1
staff stress ref1
talks with Northern Rock ref1
Loudwater Investment Partners ref1
Mackay, Lindsay ref1, ref2
Maclean, John ref1, ref2
Masterton Gavin
becomes Treasurer ref1
comments during bid ref1
and David Murray ref1
Dunfermline football ground loan ref1
emphasis on sales ref1
inspection department ref1
MBOs ref1
plans NatWest bid ref1
retires ref1
Mathewson, Sir George
abandons Ryder Cup ref1
attempt to save Bank ref1
becomes chairman ref1
joins Royal Bank ref1
knighted ref1
partnership with George Younger ref1
plots internal takeover ref1
post-bid depression ref1
SDA ref1
sells Charterhouse ref1
splits Royal Bank into three ref1
Matthew, Colin ref1, ref2, ref3, ref4, ref5, ref6
Mayhew, Sir David ref1, ref2, ref3
McFadden, Pat ref1
McFall, Lord ref1, ref2
McQueen, Gordon ref1, ref2, ref3
Merrill Lynch ref1, ref2, ref3, ref4, ref5
Midland Bank ref1
Mitchell, George
becomes Governor ref1
becomes Treasurer ref1
HBOS corporate banking ref1
loses temper ref1
NatWest bid team ref1
evidence to parliamentary commission ref1
resigns ref1
signs off Arcadia deal ref1
Monopolies and Mergers Commission ref1
Moody ref1, ref2
Moore, Paul ref1, ref2, ref3, ref4
Morgan Stanley ref1, ref2
Murray, Sir David ref1, ref2
National Australia Bank ref1, ref2
National Westminster Bank
1974 crisis ref1, ref2
bid defence ref1
concedes defeat ref1
Legal & General bid ref1, ref2
poor record ref1
rejects improved offer ref1
rejects merger ref1
sacks Chief Executive ref1
shares plunge ref1
non-performing loans ref1, ref2
Northern Rock
125 per cent mortgages ref1
aggressive growth ref1, ref2
bank run ref1
funding crisis ref1
nationalised ref1
Oil Shock ref1
Parliamentary Commission on Banking Standards ref1
hearings ref1
HBOS report ref1
Paterson, Sir William
attacks Bank of Scotland ref1
Bank of England ref1
early life ref1
loses his family and his reason ref1
vision for Darien ref1
Pattullo, Sir Bruce
annoyed by poaching ref1
becomes Chief Executive ref1
becomes Governor ref1
caution ref1
character and early career ref1
Chief Executive British Linen ref1
concern about deposits ref1
doubles market share ref1
expansion into England ref1
knighted ref1
launches Friend for Life campaign ref1
in Liverpool ref1
made Treasurer ref1
Management Board ref1
organises oil conference ref1
partnership with Tom Risk ref1
Presbyterian instinct ref1
quits Standard Life ref1
recipe for success ref1
retires ref1
seeks acquisitions ref1
tennis ref1
valedictory message ref1
woos building societies ref1
Pell, Gordon ref1
Peston, Robert ref1, ref2
Philips, Rory ref1, ref2
PPI (payment protection insurance) ref1
Quest, David ref1, ref2
Reid, Sir Bob ref1, ref2, ref3, ref4, ref5, ref6
retail deposits ref1, ref2, ref3
importance of ref1
proportion falls ref1
Return on Equity (RoE) ref1, ref2
Reuben brothers ref1, ref2
Risk, Sir Tom
becomes Governor ref1
deputy Governor ref1
distain for London ref1
retires ref1
Robertson, Dr Pat
attacked ref1
campaign against ref1
controversial views ref1
partnership with Bank of Scotland ref1
Scotland ‘a dark land’ ref1
Rowland, Sir David
hits back at bid ref1
NatWest chairman ref1
Royal Bank of Scotland ref1, ref2
acquires Loganair ref1
bids for NatWest ref1
founded 1727 ref1
harasses Bank of Scotland ref1
launches Tesco Bank ref1
loses out to Halifax ref1
Project Columbus ref1
receives bids ref1
rights issue ref1
select committee report ref1
shares fall ref1
suffers from poor management ref1
wins NatWest ref1
Sainsbury’s Bank ref1, ref2
Salmond, Alex ref1
Samuel, Will ref1, ref2
Sandler, Sir Ron ref1, ref2, ref3
Santander ref1, ref2
Saunders, Robin ref1
savings ratio ref1
Scottish Co-operative Bank ref1
secondary banking crisis ref1, ref2
securitisation ref1, ref2, ref3, ref4
&nb
sp; self-certified mortgages ref1, ref2, ref3
Shankland, Graeme ref1, ref2
Shaw, Sir Jack
acting Governor ref1
apologises over Robertson ref1
makes bid call ref1
meets Abbey National ref1
retires ref1
Sherwood, Louis ref1, ref2
Sherwood, Mike ref1, ref2
Simpson, Lord ref1
Smith, Sir Robert ref1
Spowart, Jim ref1, ref2, ref3
Standard & Poors ref1, ref2, ref3, ref4
Standard Chartered Bank
bid for Royal Bank of Scotland ref1
Standard Life
buys Bank stake ref1
sells Bank stake ref1
Standard Life Bank ref1
‘staying at the table’ ref1, ref2, ref3
Stevenson, Lord Dennis ref1
annual report statement ref1
apologises to shareholders ref1
Armageddon warning ref1
board dinner ref1
City reputation ref1
easy style ref1
evidence to parliamentary commission ref1
Halifax chairman ref1
letter to FSA ref1
M&S board ref1
parliamentary commission criticism ref1
remuneration ref1, ref2
resigns ref1
select committee evidence ref1
share incentives ref1
‘to be fired’ ref1
Tchenguiz, Robert ref1, ref2
Tchenguiz, Vincent ref1, ref2, ref3
Tesco Bank ref1
Thatcher, Lady ref1, ref2, ref3, ref4, ref5, ref6
and deregulation ref1
Tookey, Tim ref1, ref2, ref3
tripartite regulatory system ref1
Tucker, Mark ref1
Tugendhat, Lord ref1
Turnbull, Lord ref1, ref2, ref3
Tyrie, Andrew ref1, ref2
Uberior Investments ref1, ref2, ref3
Urquhart-Stewart, Justin ref1
Walker, Sir David ref1
Wanless, Derek
NatWest Chief Executive ref1
sacked ref1
Welby, Justin ref1, ref2, ref3
wholesale money market ref1, ref2
Wigley, Bob ref1, ref2
women and banking ref1
World Bank ref1, ref2
Yea, Philip ref1
Yorkshire Bank ref1
Younger, Sir George ref1, ref2
Sir Walter Scott broods before the former Bank of Scotland headquarters in Edinburgh. It was the heart of the Bank for nearly 200 years; now it is just another office of the Lloyds Banking Group. (Ray Perman)
Covenant Close, off Edinburgh’s Royal Mile, once housed the Cross Keys Tavern, where in 1695 shareholders, quaintly called ‘Adventurers,’ first subscribed for Bank of Scotland shares. (Ray Perman)
An early Bank of Scotland note. The directors feared that rivals would hoard notes, then present large quantities for payment in coin at short notice, provoking a run on the bank. (Courtesy of Lloyds Banking Group plc Archives)
The Bank of Scotland board in 1995. Newly knighted Governor Sir Bruce Pattullo stands in the centre of the front row, with Jack Shaw (on his left in glasses), later to become Governor. Directly behind Pattullo’s left shoulder, standing on the stairs, is Sir Alistair Grant, who succeeded him as Governor, but died of cancer shortly afterwards. In the second row, behind Pattullo, is Sir Bob Reid, a deputy Governor who was selected to join the HBOS board, and next to him Lesley Knox, who was not. (Courtesy of Lloyds Banking Group plc Archives)
The Bank of Scotland crest outside The Mound, its former headquarters. The Latin motto ‘Tanto Uberior’ approximately translates as ‘so much the more plentiful.’ (Ray Perman)
Peter Burt (left) and Halifax’s James Crosby announce the merger which formed HBOS in 2001. Burt surprised everyone with his decision not to take the chief executive post. (Press Association)
Bank of Scotland’s Gordon McQueen (left) would head HBOS treasury, with George Mitchell (right) leading corporate banking. Burt (centre) took the title executive deputy chairman, but resigned after less than two years. (Press Association)
George Mitchell was a lifetime banker and considered a safe pair of hands, but he resigned from HBOS after losing out to Andy Hornby to become chief executive after James Crosby’s early departure.
The HBOS board in 2006 in the old Bank headquarters, after its controversial refurbishment. Lord Stevenson, the chair, is fourth from the left. Peter Cummings and Andy Hornby stand in front of the pot plant at the back. On the far right is Benny Higgins, who resigned after a year as head of retail banking, but was later proved right on his mortgage pricing strategy. (Courtesy of Lloyds Banking Group plc Archives)
Under Peter Cummings, corporate banking became HBOS’s top profit earner, but he faced continual pressure to produce more. (© Paul Raeburn)
There was an outcry when HBOS refurbished The Mound, closing the branch which used to operate there and removing the offices of the Governor, chief executive and general managers to be replaced by ‘hot desking.’ (Press Association)
Sir Philip Green, a talented businessman and retailer, was Cummings’ key contact. He did big deals, risking his own money alongside the Bank’s, but always repaid his debts in full, ahead of time.
Vincent Tchenguiz with his brother Robert were among the high-rolling ‘FOPs’ – friends of Philip Green – who did big property deals backed by Bank of Scotland corporate. (Press Association)
Former Rangers Football Club owner Sir David Murray introduced the Bank to Tom Hunter. The Bank also part-funded several of his property deals.
Entrepreneur Tom Hunter took his first big deal to Bank of Scotland, but later the Bank began to approach him with invitations to participate or lead deals which they would fund. (Scotsman Publications)
Graeme Shankland was one of Cumming’s key lieutenants. He lead on the Arcadia purchase, and after the collapse of the Bank helped to recover value from some of the HBOS deals.
Andy Hornby (front) initially thought he had put together a great deal with Lloyds’ chairman Sir Victor Blank (right), but as the real state of HBOS became more apparent the value received by shareholders was progressively reduced. (Press Association)
Hornby’s negotiations with Lloyds’ chief executive Eric Daniels (right) were heated and dragged on into the early hours before agreement was reached. Both men were fooling themselves about the deal, but neither yet realised it. (Press Association)
Sir James Crosby resigned as deputy chair of the Financial Services Authority after Paul Moore, the former head of regulatory risk at HBOS, gave evidence to the House of Commons Treasury Committee. (Press Association)
Lord Stevenson, former HBOS chair, claimed in evidence to the Treasury Committee that the closure of wholesale markets was the principal reason for the collapse of the Bank. (Press Association)
