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Monday, August 09, 2010

Credit Task Froce

It has been announced that the CEOs of the UK's leading banks will lead a new taskforce, to help boost the flow of credit to small firms.

The ever "popular" British Bankers' Association's has set up a new group to assess credit demand from firms, and put forward recommendations to boost funding in the banking sector and aid recovery.

The media omnipresent BBA chief executive, Angela Knight, claims that the taskforce (to be chaired by BBA and HSBC chairman Stephen Green) would look to address "pinch points" in the system as recovery and the demand for working capital gradually takes hold.

The taskforce will report its initial findings to Chancellor George Osborne, in early October.

It strikes me that this is likely to be as effective as putting foxes in charge of the hen house, and is nothing more than a "sop" (in the manner of Edward VIII's "something must be done") to try to convey the image that the banks are "concerned".

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