(17 October 2008 – UK) Standard Chartered’s chief executive has been credited as the mastermind of the UK Government’s bank rescue.The British newspaper the Telegraph has reported that the rescue plan that was recently unveiled by the British government was based on a Standard Chartered blueprint.
The blueprint was drawn up by Standard Chartered chief executive officer, Peter Sands, and Standard Chartered’s finance director, Richard Meddings.
After coming up with the solution, the two offered to brief the Government and gave a presentation to senior Treasury officials.
The officials then asked Sands and Meddings to write a paper based on the presentation. That document has become the basis for the plan unveiled by the Government, according to sources.
When the Government unveiled the plan, there was only one difference. The Standard Chartered team did not include a ban on dividends.
Standard Chartered confirmed its senior executives put together a plan for the Government. A spokesman for the bank said that they were very impressed at the decisive way the Government implemented the plan.
While Standard Chartered was one of the firms to support to rescue decision, the bank has said it does not need to take capital from the Government. HSBC and Abbey, owned by Spain’s Santander, are also not taking public money.