Prudential Regulation Authority to publish long-awaited report into collapse of HBOS next week
After seven years, the Bank of England will finally publish its long-awaited report into the collapse of HBOS next Friday, it said today.
The joint investigation, by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority, will look (FCA) into the failure of the bank, which collapsed in 2008 as the financial crisis set in.
The report will be published alongside an investigation by Andrew Green QC, who has looked into the actions taken by the now-defunct Financial Services Authority (FSA) at the time of the collapse.
HBOS collapsed in 2008, wiping out shareholders' investments and shedding thousands of jobs, before being rescued by Lloyds TSB, along with a £20.5bn bailout by the government.
In July 2014 the FCA said a report into the collapse would be published "before the end of the year", but it was delayed further when it emerged the PRA would need the permission of those who face criticism from the report before it can be released.
Thousands of Lloyds shareholders are seeking millions of pounds' worth of damages from the bank, over claims it misled shareholders during the takeover of HBOS.
A spokesperson for the Lloyds Shareholder Action Group said: “This report has been a long time coming. We expect it will shed further light on the disastrous state of HBOS at the time of the Lloyds deal”.