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

Letter Relating to Question 2241

Dr Rohner read with considerable concern today remarks which are attributed to Mr Tyrie, in the Times. The relevant extract from the report is as follows:

“Andrew Tyrie, the chairman of the commission, lamented the fact that some of the four were still holding senior jobs in the City and had not been struck off the Financial Services Authority’s approved persons register.”

“Since they’ve just acknowledged in front of us that they were ignorant and grossly incompetent...it strikes one that they shouldn’t be on an approved persons list”, he said

As the Commission will be well aware, Dr Rohner did not accept at the hearing yesterday any element of personal fault, in fact he specifically denied that he had been negligent. I can only assume that Mr Tyrie’s statement to the Times refers to his closing remarks. The uncorrected transcript states:

“We have also heard about some appalling mistakes, which can only be described as gross negligence and incompetence. The best construction that many of us will place on that is that you were not only ignorant of what was going on but out of your depth. Do any of you want to challenge any of that?”

The video recording is clear in showing the Dr Rohner did not react at all to Mr Tyrie’s statement. There is no basis for any assumption that he accepted Mr Tyrie’s assertions.

I am writing to make it clear that Dr Rohner does not accept that he was grossly incompetent, nor does he accept that he acknowledged this in front of the Commission. It is important that the Commission is aware of Dr Rohner’s position on this, since it seems likely that the Commission will wish to make some reference to this evidence session in its final report.

18 January 2013