Gordon Brown has long preached the need for financial transparency. As part owner of a handful of banks, it is perhaps time for the prime minister to lead by example.
Two “special purpose vehicles” used by HBOS and Lloyds could be a good place to start. The “conduits” hold billions of pounds of asset backed securities — Lloyds’ conduit “Cancara” comprises about £11.6bn of assets while HBOS has £16.2bn in “Grampian”. Read more