Coutts Have (Not) Been Telling Fibs (Part Ii)

[Hymie]

In the original thread on this topic, I pointed out that a financial expert had stated (in a youtube video) that Coutts had terminated Farage’s account because he no longer met the financial criteria to hold an account with them, once his mortgage came to an end.

Many pooh poohed my posts, pointing out that I was wrong (as was the financial expert) – and asking me to apologise.

Well, I have now read that 40 page report from Coutts, and indeed it does say that Farage’s account would be closed because he no longer met the financial criteria to hold an account (once the mortgage expired). It also mentions that the bank should continue to monitor Farage with regards a reputational risk to the bank, which should be escalated to the Bank’s Committee – and I assume that they could have closed the account on this basis if some incident has arisen, but they did not.

The actual relevant words from the report are copied and pasted below:-

‘With the support of the Committee, [the Chair] concluded as follows: After the expiry of the mortgage with Coutts, NF would not be a criteria client, and we should set a glide path to exiting NF when that mortgage expires.
However, whilst the mortgage is in place we should continue to monitor NF, and if there is a ‘flash point’ involving NF which would increase the reputational risk to the bank, it should be escalated to this Committee promptly.’

[Hymie]

So no surprise, Farage was lying all along (as usual); claiming his Coutts account was closed because of who he is – and many fools believed him.

[naomi24]

This from Deskdiary yesterday: //The bank, in their own report, has stated “…the client’s economic contribution is now sufficient to retain on a commercial basis”.//

This from me yesterday: //The head of NatWest has apologised to Nigel Farage for what she called “deeply inappropriate comments” about the former Ukip leader in an internal report that led to the closure of his accounts at the group’s exclusive private bank, Coutts.//

Which bit of …

//the client’s economic contribution is now sufficient to retain on a commercial basis”//

…and …

//deeply inappropriate comments” about the former Ukip leader in an internal report that led to the closure of his accounts//

….do you not understand?

You're like a dog with a bone but continuing to chew it won't make any difference. It's there in black and white. The bank has apologised.

[Hymie]

Yes, the report states later on that the account is now sufficient to retain on a commercial basis – but that does not override the earlier report statement that Farage would not be a criteria client (once the mortgage ends) and that the account should be closed once the mortgage ends.

I probably have sufficient funds for Coutts to operate my account on a commercial basis, but like Farage, they would not give me an account because I would not meet the criteria to be a client of theirs.

[naomi24]

Of course it overrides it. If he has sufficient funds, he has sufficient funds. The bit you should be questioning is this:

//we should continue to monitor NF, and if there is a ‘flash point’ involving NF which would increase the reputational risk to the bank, it should be escalated to this Committee promptly. //

What do you think that means, hymie?

[Hymie]

It’s a mystery to me why the bank felt it had to apologise – I wouldn’t have, but the media had put them under a lot of pressure due to Farage’s lies.

[naomi24]

//It’s a mystery to me why the bank felt it had to apologise //

That's probably because you don't understand what's going on - or don't want to understand.

[Khandro]

I can't believe, with so much negative publicity everywhere across the media against Coutts & what they have done, you are so stubborn to continue with this.

[ToraToraTora]

have a day off hymie!

[Hymie]

Naomi24 – the section you quote relates to Coutts continuing to have Farage as a client until his mortgage ends, and the possible reputational damage (should something arise) – that might cause them to terminate the account before the mortgage ends.

But as I said, that did not happen - his account was terminated because he no longer met their criteria to hold an account with them – what is so hard to understand about that?

[naomi24]

Hymie, that isn't true. //The bank, in their own report, has stated “…the client’s economic contribution is now sufficient to retain on a commercial basis”.//

[naomi24]

Khandro, hymie is stubborn because he doesn't like Mr Farage and Brexit. A bit like Coutts - and look how fair-minded they were. :o)

[Hymie]

Having sufficient funds to operate an account on a commercial basis, is not qualifying criteria to hold a Coutts account.

[naomi24]

Hymie, do give over. You're just being silly now.

[Hymie]

Khandro – I’m trying to put the record straight – Farage is the villain in this sorry saga.

[Zacs-Master]

You need to separate Farage being the villain and the reasons why the bank have felt it necessary to apologise, Hymie. Your stubbornness is tarnishing your already established reputation for getting hold of the wrong end of the stick and looking stupid.

[Kardashev]

I must admit to being rather confused by this post. Have Coutts not apologized? have they retracted that apology? This seems to me to be an obsessional "bee in the bonnet" type post.

[THECORBYLOON]

The comment, “the client’s [economic contribution] is now sufficient” is from 17.11.22.

Earlier this year, 10.3 23, it is noted,

“I wanted to make you aware of a commercial exit decision we have made on the account of Nigel Farage.*** The relationship has been below commercial criteria for some time*** and upon review of Nigel’s past public profile and connections, the perceived risks for the future weighed against the benefit of retention the decision was taken to exit upon repayment of an existing mortgage.

In making the decision risk factors including accusations of links to Russia, controversial public statements which were felt to conflict with the bank’s purpose and the possibility, speculated upon in the press and not denied, of re- entry to politics were taken into account. There is however also clearly a risk of negative publicity in exiting which was accepted.

The exit was expected to be in Q3 2023 however the mortgage has now been repaid early and the security released which is triggering an earlier notification of an exit to the client.” [emphasis added]

[Hymie]

Having posted the actual words in the Coutts 40 page report which states that Farage’s account will be closed once his mortgage ends because he will then not meet the criteria to hold and account with them – and people still don’t believe me.

[Peter Pedant]

In the original thread on this topic,..... snip .... met the financial criteria to hold an account with them, once his mortgage came to an end.

I was probably one: I apologise Hyme. I thought it ridiculous that a bank should brief on financial details and thought it was Farage.
Hi Rosie and SImon jack - are you listening and blushing ?

I call it 'a couzens denial' safe to deny without checking because no one wd be so stupid as to do the alleged act

Even Hyme - your fave - Boris that is! has come out on Farage's side and stated that the leddy ( Rosie let us call her) should be asked under oath ( H o C can do this) if she were the leaker

it does at present seem to be: "not me guv, and I have no idea what my underlings do" - sort of a Boris defence - and we all know what happened THEN !

Now the point is - if the lady said it is commercial criticeria and it turns out to be woke criteria - then someone has lied. The curs of the commons sense blood

[Peter Pedant]

Hymie, do give over. You're just being silly now.
no I think you dont understand ( again).

now who was it who said " oh heavens I am too busy to tell you where the errors are. Just read ALL my posts again" ? I believe it was someone called 'Naomi' - - but I cd have - - - - misunderstoof that, haw haw haw