RBS
I had a half hour debate in Parliament last week (10 March, 2010) on the vexed issue of RBS (Small Business Lending). Much has been written about irresponsible bankers, the huge bonuses paid to themselves by themselves etc. The ground was fertile for me to have a bash at the bankers’ debate, but I decided to leave that debate for another day to concentrate on a constituency case of a local businessman who was bullied, intimidated, and treated disgracefully by the publically owned and funded RBS.
My case to parliament was not about a businessman who couldn’t get a loan from RBS. The Bank had enthusiastically agreed to fund a loan to purchase and develop prime land in the grounds of the Gleneagles Hotel Perth. The loan would be in two parts, 1) a loan to purchase the land and 2) to develop it and build a £4million house. The Bank gave the first part of the loan £1.4million albeit delayed that caused my constituent to use some of his own resources to get the development going. Then out of the blue, RBS informed the businessman that they would not give the second part of the loan and gave him 24hours to repay the £1.4 given to purchase the land. The case was heard in Court of Session Edinburgh in January and ordered RBS to make reparation to him.
For the full debate see the link to the UK Parliament, Hansard records :-
http://www.publications.parliament.uk/pa/cm200910/cmhansrd/cm100310/halltext/100310h0004.htm#10031063000003
Royal Bank of Scotland
RBS
I had a half hour debate in Parliament last week (10 March, 2010) on the vexed issue of RBS (Small Business Lending). Much has been written about irresponsible bankers, the huge bonuses paid to themselves by themselves etc. The ground was fertile for me to have a bash at the bankers’ debate, but I decided to leave that debate for another day to concentrate on a constituency case of a local businessman who was bullied, intimidated, and treated disgracefully by the publically owned and funded RBS.
My case to parliament was not about a businessman who couldn’t get a loan from RBS. The Bank had enthusiastically agreed to fund a loan to purchase and develop prime land in the grounds of the Gleneagles Hotel Perth. The loan would be in two parts, 1) a loan to purchase the land and 2) to develop it and build a £4million house. The Bank gave the first part of the loan £1.4million albeit delayed that caused my constituent to use some of his own resources to get the development going. Then out of the blue, RBS informed the businessman that they would not give the second part of the loan and gave him 24hours to repay the £1.4 given to purchase the land. The case was heard in Court of Session Edinburgh in January and ordered RBS to make reparation to him.
For the full debate see the link to the UK Parliament, Hansard records :-
http://www.publications.parliament.uk/pa/cm200910/cmhansrd/cm100310/halltext/100310h0004.htm#10031063000003