Fantastic presentation on the Ulster Bank scandal from ex RBS/NatWest treasury executive @ianhtyler. He finds it astonishing that John Swift KC was paid £7m-£8m to review the FCA’s swaps redress scheme when he didn’t really understand swaps.
It was “completely fraudulent” of Ulster Bank to book hidden liabilities against business customers in order to take hidden margin from swap sales, and the failure of regulators to take action is worse — ex RBS/NatWest Treasury manager @ianhtyler at #TTF Ulster Bank scandal event
Steve Middleton makes clear RBS/NatWest bank managers *did* personally benefit from selling IRHPs to business customers, sometimes doubling their salaries by selling three in a year. “There’s a mass of lies about the Ulster Bank sales process”. Email is from Perks vs NatWest case
False accounting: many senior Irish bankers escaped jail, despite false assumptions about IASB accounting standards permitting their banks to hide losses, misrepresent their financial position and fraudulently borrow funds: ex consultant with Lombard Risk Systems @Cormacbutler
“Ulster Bank cannot pass on the cost of their own illegal borrowing to you, the customer. If the term ‘cost of funds’ appears anywhere in your IRHP agreement, the agreement is INVALID.”
Excellent and informative presentation from @Cormacbutler
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