Unite demands facts on Barclays finances
26 June 2009
Unite, the UK’s largest trade union, has today (Friday) written
to the Financial Services Authority (FSA) to request they "lift the
veil of secrecy" around Barclays. The union is calling for full
disclosure of the Barclays recent ‘stress test’.
A ‘stress test’ provides information for ongoing financial
supervision and gives information on a bank’s capital. The analysis
shows all the relevant variables which may impact capital
adequacy.
The Freedom of Information request to the financial regulator
follows the refusal of the bank to give the union disclosure on its
current financial situation. Unite has serious concerns as to why
Barclays will not be up front with its staff. The union has serious
concerns as to why the bank has suddenly decided to close the final
salary pension scheme.
Unite national officer, Rob MacGregor, said: "Unite has made a
Freedom of Information request to the FSA in response to the
secretive approach by Barclays on its current financial state.
Barclays is either hiding something from staff or hiding behind the
mystery of the stress test results.
"The veil of secrecy within the finance sector must be lifted.
Without a fully transparent and open financial services industry we
risk simply allowing the current financial crisis to run on.
"Unite is opposed to the decision by Barclays to close its final
salary pension scheme. The union is questioning whether the
regulator has asked for the pension scheme to be closed in order to
meet their capital adequacy or whether this decision is part of the
a commitment to another financial requirement as set up by the
FSA.
"The refusal to disclose to the union the full financial picture
simply fuels speculation that Barclays is in a more stressed state
than imagined and that hidden financial constraints are driving a
desperate cost cutting agenda."Unite believes that the closure of
the stress test is in the public interest. The USA has a similar
stress test for the financial services industry, the results of
which are fully disclosed.
Unite is the recognised union for employees at Barclays.
Ends
For further information contact: Saba Mozakka, Unite the union
on: 020 7420 8916 or 07768 693 953.
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