MercoPress. South Atlantic News Agency

HBOS “too-rapid growth” investigation in the limelight

The former head of risk at Britain's HBOS, who claimed he was sacked for warning about the bank's too-rapid growth, has said he stands “firmly and confidently” behind his allegations.

Former HBOS chief executive Sir James Crosby dramatically resigned as deputy chairman of the Financial Services Authority (FSA) after Paul Moore's claims to MPs. Mr Moore told MPs it was obvious that the bank was "going too fast", but he was eventually sacked by Sir James as head of regulatory risk in 2005. Sir James, who resigned after more than five years as deputy chairman of the FSA, said Mr Moore's claims had been investigated by an independent probe and had "no substance". But he added that he was worried about becoming a "distraction" to the FSA and felt the "right course of action" was to step down from the board. Mr Moore hit back and cast doubts on the independence of the investigation. He said that he had a "significant body of detailed additional evidence" to back his claims. He said: "I am not interested in blame, even though many people will think that this is what my agenda is. "People who know me will testify to this but I have to say that I do find it sad that people in such important fiduciary positions find it so difficult to admit their mistakes and to say that they are sorry. Fighting to the bitter end is always worse for all concerned". In 2007 RBS led a £ 50 billion takeover of Dutch bank ABN Amro, which was "a bad mistake" and was now virtually worthless after the bank market collapse.