LONDON Dec 3 Former HBOS Chief Executive Andy Hornby said the bank's board may have had too much information from each division to fully understand the true risks before its near collapse in 2008.
Hornby, who was HBOS CEO from August 2006 until it was bought by Lloyds three years ago after a government bailout, on Monday also admitted HBOS's corporate division had too much concentration in commercial real estate and failed to realise the threat of its over-reliance on wholesale funding.
In written evidence to UK lawmakers before appearing before them later on Monday, Hornby said HBOS's problem wasn't a lack of detail provided to the board about risk but maybe too much.
"With hindsight, at times it may have been the case that the sheer volume of information supplied by every division right across operational risk, credit risk and regulatory risk may at times have made it harder for the board to fully understand the potential issues facing the business," he said.
One dead in ENI Congo oil platform fire
BRAZZAVILLE, Dec 3 One person was killed in a fire on an oil platform operated by ENI Congo off the coast of the Congo Republic city of Pointe-Noire, the government said.
Aixtron, Fujian to explore what is left of deal after U.S. veto
FRANKFURT, Dec 3 German semiconductor equipment maker Aixtron will explore with its Chinese suitor what can be salvaged of the planned takeover after a U.S. presidential order ruled the deal posed a national security risk, the company said on Saturday.