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Page last updated at 13:30 GMT, Sunday, 22 February 2009

Myners: Banks - 'reckless, feckless, witless'

The City Minister, Lord Myners, pulled no punches as he called for an end to 100% mortgages.

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The Lord Myners interview Sunday, 22 February 2009.

Lord Myners, said that banks were "reckless, feckless, witless" in their past behaviour.

He also said that the banks had been "foolish" to offer 100% mortgages.

But he stopped short of saying that it is now government policy that this should never happen again.

Speaking on the Politics Show, Lord Myners said: "With hindsight, it is generally recognised in the banking community that [100% mortgages] was a foolish thing to do.

Expensive lessons

"We need to create systems through enhanced governance, more accountability and appropriate regulatory intervention to ensure that excesses do not occur.

"There was an exuberance that we need to address.

"We are constantly engaged with all the banks to talk about prudent lending conditions and a return to prudence, a return to safe, secure sober lending activities is what we need to see.

"We have learned some very, very expensive lessons globally about reckless, feckless, witless lending by a small number of banks."

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