There was an interesting article in Scotland's " Herald" newspaper yesterday regarding loans to directors of NAB subsidiary, Clydesdale Bank, which, the article claims, were not disclosed in NAB accounts.
This is part of what they said. I have not read the NAB accounts so cannot say if it is correct. NAB directors are not the flavourof the month in Scotland right now after a statement by a NAB director that they would not invest more in Scotland because that country had been in recession for 200 years.
Clydesdale non-executive director loans total £34m SIMON BAIN: Exclusive The Clydesdale Bank has loaned up to £34m to its non-executive directors or their connected businesses over the past four years, in transactions not disclosed in its parent company accounts in Australia. Inquiries by The Herald have traced £15m of loans from the bank to companies in which Sir Fraser Morrison, the Clydesdale's deputy chairman and the executive chairman of National Australia Group Europe, had a substantial interest. Accounts for 2000 show that National Australia Bank (assets £150bn) made loans totalling £18m to 200 directors worldwide, but its subsidiary the Clydesdale Bank (assets £10bn) loaned almost £17m to just two directors and their connected businesses.
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