sabadell andy banks. tsb was paying hundreds of millions of pounds to use the lloyds systems. money by transferring it over to sabadell was lot of that money by transferring it over to sa badell was mac lot of that money by transferring it over to sabadell was mac systems, so pressure from there but paul pester was the hinge between the spanish bank and tsb, the uk subsidiary, and he bores in charge when the decisions were made. that is why he has, ina decisions were made. that is why he has, in a sense, had to carry the can. he always said while this crisis was unfolding that he wanted to stay in charge until their systems were up and running properly again so this decision that has been taken today is an indication tsb‘s board think the bank is running ok now but, looking to the future, they wa nt now but, looking to the future, they want a different captain to sail them ahead. 0k, simon, thank you. simon gompertz there. labour's ruling national executive is meeting this lunchtime to decide whether to adopt in full the international definition of anti—semitism. jewish groups

people were locked out of their accounts —— sabadel.g out and branch branches could not open because their it system could not open because their it syste m ha d could not open because their it system had gone down. and paul pester was there, same problems were being fixed but at times they won. many problems persisted for several weeks. he appeared before mps and he said the underlying engine of the bank was running smoothly. well, possibly, but that didn't come across well at a time when customers we re across well at a time when customers were at their wits end is trying to get hold of their monies, pay bills and so on. he was accused of being extraordinarily complacent by mps. now four months down the line we have more it failures and it seems like finally paul pester has paid the price. thank you. remember, there is much more on the website about this. if you have been affected or you are still trying to access affected or you are still trying to a ccess your affected or you are still trying to access your account, they have said i

it was later bought by spanish banking giant sabadell.e system working properly and some customers are still experiencing problems. is the departure of the boss good news? is the departure of the boss good news? joining us now is peter hahn, professor of banking, at the london institute of banking & finance. nice to see you as always. explain this because so many things went wrong here. now the boss is going and the bank is saying, look, the worst is over, we need a clean sweep. can we get —— can they get that? no. the boss going is after—the—fact. what we have to remember is why this is really important. when tsb was set up, it was supposed to be one of the lead challengers to the big banks. and after the last year, it is hard to imagine them being led by anyone. that is really an omission that i think that tsb is not going to be much of a challenger bank a wide. what mac —— much of a challenger bank a wide. what mac -- we talk about this pushing the company into a loss for the year. 26,000 customers close their accounts, but 20,000 sign

used to be owned by lloyds under a different system owned by its current parent the spanish bank sabadel customers were locked out of their accounts and branches found themselves unable to work properly because their it systems work properly because their it syste ms ha d work properly because their it systems had gone down. some people saw extraordinary sums of money coming into or leaving their accounts. through all of this, the public face of the bank was paul pester. he appeared before mps when he tried to be reassuring and he kept on saying that the bank was getting on top of its problems were the evidence from consumers, customers was that it wasn't. he described the fundamental engine of the bank is running smoothly. that might have been correct in a very technical sense, but it didn't come across well at all in public relations terms. mps described him as being extraordinarily complacent. he did survive the initial period but over the past few weeks there have been more problems. the past couple of days there have been more problems at the bank and it does seem that enough is eno

these historical bonuses go back to the point where the bang, when it was sold to the spanish bank sabadellor tsb's complacent and misleading public communication and it said that it public communication and it said thatitis public communication and it said that it is right that he is stepping down. it is something about the way that this business undermined the future of tsb. what we have to remember is why this is important. when tsb was set up it was supposed to be one of the lead challengers to the big banks. after the last year it is hard to imagine tsb being led by anyone being a major challenge for some time to come. this is an admission, i think, for some time to come. this is an admission, ithink, of for some time to come. this is an admission, i think, of the fact that tsb is not going to be much of a challenger bank for a while. it is more reputational damage. iwouldn't wa nt more reputational damage. iwouldn't want to scare anyone into taking their money out, that is not an issue at all, but this is an issue about what we call governance, about how the decisions were made at tsb