Steven Crawshaw, the former chief executive of the part-nationalised Bradford & Bingley, received more than £1m last year even although he only worked for five months because of ill health, The Guardian reports.
The 47-year-old, who is reportedly suffering from a serious heart condition, is already receiving a £105,000 annual pension. The company's annual report shows Crawshaw's total pay for 2008 is bolstered by £365,000 representing his basic salary in lieu of notice for the period up to 28 February 2009.
The report, published today, also said the company had incurred a £507m charge to cover mortgages, which had turned sour, up from £22.5m in 2007. Full story…
Barclays turned down the chance to take part in the Government's Asset Protection Scheme yesterday as it continues to steadfastly adhere to its policy of avoiding government support, lest Westminster in return seeks influence over its corporate governance, says The Independent.
The APS is a system whereby the Government insures banks' potentially toxic assets. Both Lloyds and Royal Bank of Scotland have taken part in the scheme, but have as a result surrendered substantial stakes to the Government.
Barclays has turned down government support to retain full control over lending, pay and strategy, arguing that unlike its rivals it is profitable and generating capital. The bank resisted government pressure to take state capital in October, turning instead to the Middle East to raise funds.
But raising cash from Arab sovereign wealth funds proved more expensive than Barclays had expected, and left long-standing shareholders furious when their pre-emption rights were overriden to get the money. Full story…
The taxpayer is on the hook for as much as £600m to cover the failure of Dunfermline Building Society after Scotland's largest mutual became the first lender to be dismantled under the Government's new "special resolution regime" reports The Daily Telegraph.
Following a deal brokered by the Bank of England and the Treasury over the weekend, the Government will transfer £1.6bn of state funds to Nationwide Building Society, which is taking £2.35bn of Dunfermline's deposits and £250m of treasury investments in return for absorbing £1bn of its prime residential mortgages.
The transfer is being made because the assets Nationwide is assuming are £1.6bn less than the liabilities. Full story…IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation