Banks deserve a 'thank you' for not repossessing more companies

by Aaron Strutt

Oct 19 2012

Andrew Bailey, executive director and member of the Financial Policy Committee, told the British Bankers’ Association Annual Bank Conference that the banks deserve a “thank you” for not repossessing more companies.

He said: “Let me say something unusual now: I think that the banks deserve a thank you for the way in which they have sought to use forbearance. When I was Chief Cashier of the Bank of England, I was responsible for our work on the so-called London Approach whereby we seek to use our powers of persuasion to facilitate company re-financings which are in difficulty. “That brought me into regular contact with the corporate loan restructuring bankers and I was always impressed by their commitment to helping companies in trouble. “Sometimes the medicine could be hard, but there are many companies around today that would otherwise not be employing people.”

October 19, 2012