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Viewing cable 08LONDON2829, HMG ACCUSED OF SEEING NO BLAME, HEARING NO BLAME, AND

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Reference ID Created Released Classification Origin
08LONDON2829 2008-11-10 11:58 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy London
VZCZCXRO7400
PP RUEHAG RUEHDF RUEHIK RUEHLZ RUEHROV
DE RUEHLO #2829/01 3151158
ZNR UUUUU ZZH
P 101158Z NOV 08
FM AMEMBASSY LONDON
TO RUEHC/SECSTATE WASHDC PRIORITY 0377
INFO RUCNMEM/EU MEMBER STATES COLLECTIVE PRIORITY
RUCPDOC/DEPT OF COMMERCE WASHDC PRIORITY
RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RUEHBL/AMCONSUL BELFAST PRIORITY 1161
RUEHED/AMCONSUL EDINBURGH PRIORITY 1019
UNCLAS SECTION 01 OF 02 LONDON 002829 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN ETRD EINV UK
SUBJECT: HMG ACCUSED OF SEEING NO BLAME, HEARING NO BLAME, AND 
TAKING NO BLAME FOR FINANCIAL CRISIS 
 
LONDON 00002829  001.2 OF 002 
 
 
1.  (SBU) Summary: The Treasury Select Committee held an 
unprecedented evidence session November 3 in which the Tripartite 
Committee authorities responded to Parliamentary questions and to 
questions emailed to the Committee by the general public.  In their 
responses, the Chancellor of the Exchequer Alistair Darling and Lord 
Turner, Chairman of the Financial Services Authority (FSA), accepted 
some responsibility for the financial crisis but said there are 
several levels of blame.  They acknowledged there are lessons to be 
learned, particularly regarding greater cooperation between 
regulators on an international level.  Mervyn King, Governor of the 
Bank of England, added that work needed to be done on capital 
requirements and the regulation of liquidity.  Lord Turner was keen 
to emphasize that the FSA has already started internal reform.  End 
Summary. 
 
"I accept responsibility" - Within Limits 
------------------------ ---------------- 
 
2.  (SBU) In an unprecedented evidence session held by the House of 
Commons Treasury Select Committee, the Tripartite Committee 
authorities appeared together to give evidence November 3. 
Chancellor Alistair Darling, Bank of England Governor Mervyn King, 
and Lord Adair Turner, the new Chairman of the FSA, answered 
questions emailed to the Committee by the public.  More than 5,000 
emails were received on a range of issues including the banking 
bail-out, the housing market, the international regulatory 
structure, and compensation schemes. 
 
3.  (SBU) Michael Fallon, the Conservative Deputy Chairman of the 
Committee, said that many emails concerned the question of 
responsibility and said there was an impression of "see no blame, 
hear no blame and take no blame."  Chancellor Darling said "I accept 
responsibility for everything I'm responsible for" but added that 
there were several levels of responsibility.  The national 
regulators needed to take some of the blame; there needed to be a 
stronger international framework, and the boards of banks needed to 
take responsibility as the first line of defense of their own 
institutions.  Lord Turner said that responsibility was shared on a 
global level as there was a global failure to see enormous risks 
developing in the financial system. 
 
Lessons to be learned 
--------------------- 
 
4.  (SBU) While individual regulators focus on events within their 
own areas of responsibility, the financial system was deficient in 
spotting problems that were building up across several countries, 
stated the Chancellor.  The UK, therefore, will argue for greater 
cooperation between regulators.  He said it was important to have 
greater surveillance and far better monitoring of the problems that 
are building.  As the world became smaller, the Chancellor added, it 
was more important than ever that regulators maintained a global 
view. 
 
5.  (SBU) There were three areas where work needed to be done, 
according to Mervyn King.  First was on the level of capital 
requirements.  He said this was being looked at by the Financial 
Stability Forum.  He said the immediate need was not to force banks 
to have higher capital requirements but to have more capital. 
Second was on the regulation of liquidity and the amount of capital 
that needed to be put aside.  King said the UK was taking a strong 
lead in the Basel fora to bring the discussion back to the 
regulation of liquidity.  Finally, on counter-cyclical capital 
requirements, he said this needed to be worked on in an 
international forum and would take time. 
 
6.  (SBU) Compensation structures were mentioned in a large number 
of the emails submitted to the Committee.  Lord Turner said that the 
FSA has the ability to tell firms that their bonus structures were 
inappropriate and also had the ability to reflect inappropriate 
bonuses in a higher level of capital requirement.  He said they 
would consider these options during international regulatory 
discussions.  The Chancellor added that we should avoid a situation 
where institutions have bonus structures that drive people into 
taking extreme risks.  One Committee member suggested that when the 
FSA did its assessments on firms, it should take into account the 
bonus payments and incentives of the firm. 
 
7.  (SBU) Sally Keeble, a Labour member of the Committee, questioned 
the Chancellor about credit rating agencies.  Darling said that any 
regulation would need to be on an international level to avoid 
regulatory arbitrage.  He said that at the last meeting of the 
European Finance Ministers in September, they made substantial 
progress and he was optimistic that something can be agreed by the 
end of 2008 or early 2009 (on a Europe-wide level).  The regulation 
is likely to be stronger than voluntary regulation.  The Chancellor 
added that CRAs will be discussed at the G20 meeting later this 
 
LONDON 00002829  002.2 OF 002 
 
 
month. 
 
Action taken by the FSA 
----------------------- 
 
8.  (SBU) Since the FSA's mea culpa in March, which admitted that 
there were inadequate resources devoted to high impact firms, too 
rapid turnover of key staff, and a failure to document and stick to 
procedures, the FSA has instituted a 'Supervisory Enhancement 
Programme.'  Lord Turner said this entailed the hiring of 218 
additional people focused on relationship management.  Of these 
positions, 38 percent have been filled.  The FSA anticipates the 
completion of this program by spring 2009.  In addition to 
recruiting more staff, the FSA is focused on the quality of people 
employed.  It has designed a new induction program for all new 
supervisors, consisting of a nine-week course in core supervisory 
skills. 
 
TUTTLE