Banking StandardsLetter on behalf of Dr Marcel Rohner from Kingsley Napley LLP

Further Letter Relating to Question 2241

You will see that most to the proposed amendments are fairly minor. However, we are very concerned that the transcript at Q2241 states incorrectly that all the witnesses indicated assent to Mr Tyrie’s concluding comments. We wish to express in the strongest terms that this is not correct. Dr Rohner does not agree with Mr Tyrie’s remarks and, as is clear from the video recording, did not in any way indicate agreement or assent at this point. I know that my colleague has written separately to the Clerk on 11 January in relation to this point and subsequent comments in the press which have been attributed to Mr Tyrie. I should be grateful for your reassurance that this amendment will be made.

You will see that I have added the phrase “due to the financial crisis” in square brackets in Dr Rohner’s response to Q2062. While Dr Rohner did not in fact say these words, we are concerned that the meaning of his sentence may not be clear without this addition and that the sentence may be misconstrued to be taken as a reference to the environment at UBS as opposed to what he meant, which was the environment in banking generally due to the financial crisis. We are aware that such an addition may not be permissible as part of the correction process but we would ask you to consider allowing these words to be added, in square brackets, in the interests of clarity and fairness to Dr Rohner.

11 January 2013