Wednesday 25 April 2018

MPs to decide whether to release controversial Royal Bank of Scotland report

The Treasury Select Committee will meet on Tuesday to discuss whether to officially publish the GRG report.

Nicky Morgan chairs the Treasury Select Committee (Dominic Lipinski/PA)
Nicky Morgan chairs the Treasury Select Committee (Dominic Lipinski/PA)

By Ben Woods, Press Association Chief City Correspondent

The Treasury Select Committee (TSC) will meet in private on Tuesday to discuss whether to officially publish the widely leaked report into Global Restructuring Group (GRG), the banking giant’s much-criticised restructuring arm.

The behind-closed-doors meeting could thrash out timings, with MPs weighing whether to immediately release the document using parliamentary privilege or hold fire for another day.

It comes after Andrew Bailey, head of the Financial Conduct Authority (FCA), was ordered earlier this month to publish the report by TSC chair Nicky Morgan.

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Bank of England stress test

However, Mr Bailey said the release “proved impossible” for legal reasons.

The FCA has come under fire for “completely” losing control of the review, which was leaked online and shared openly on social media.

Mr Bailey has cautioned the MPs against publishing the report themselves, having said in an earlier letter: “If the committee decides itself to publish the report, it will no doubt want to consider carefully the precedent of publishing a document obtained from the FCA under parliamentary privilege where the FCA considers that it is legally constrained from publishing the document itself.”

RBS has been dogged by allegations that GRG intentionally pushed small businesses towards failure in the hope of picking up their assets on the cheap.

Press Association

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