When the Bank of England announced it was to begin the process of building the new Bank of America branch in central London, it made no mention of the bank’s recent history of scandals, and its long history of being bailed out.
Instead, the announcement made clear that the bank was now to be a part of the new British government.
“The Bank of Scotland and Lloyds Banking Group, which owns the London branch, are now to become part of a new Bank.
The Bank of Britain will be based in London, but the Bank will also be based at the newly established headquarters of the Department for Business, Innovation and Skills (BIS) in Birmingham,” the announcement said.
The announcement was accompanied by a photograph of the BIS HQ in Birmingham, and it followed a speech by George Osborne, the Chancellor of the Exchequer, who pledged to make the Bank “the best place to do business in the world”.
“This is a momentous day for our country,” Mr Osborne said.
“It is a great privilege to be in this role.”
The Bank was established in 1865, after the Bankers Association of Britain (BBA) had failed to form a working association to represent its members.
In the intervening decades, the BBA has failed to establish a proper working organisation and the BMA has been dissolved.
Since its creation, the Bank has been accused of misusing the public purse, failing to protect depositors and other public services and taking on excessive debt.
This week, it was revealed that the BSA had been given a £15bn bailout by the Treasury after failing to pay its bills, and that it had also taken on a massive debt burden.
Banks have also faced accusations of using excessive debt to pay for lavish perks and lavish advertising campaigns.
One of the biggest scandals to emerge in recent times has been the collapse of British superannuation fund ADI (British Imperial Life Insurance) in 2000.
That year, a group of ADI members, including some of its most senior managers, had been paid more than £3m to attend the World Economic Forum in Davos, Switzerland, in a luxury hotel, and then take part in lavish dinners at the same location.
Later, a leaked memo revealed that at least one senior manager of ADA had been accused by two senior managers of sexually assaulting young men in the hotel, including a group who had attended a party at the hotel where the ADI men were allegedly assaulted.
A number of senior managers from ADI’s management company resigned, and some of the ADIA executives were also suspended and later sacked.
More recently, in April 2017, the government said it was going to cut off the ADIs superannuancy benefits, including the ADIB (American Savings Bank), ADMI (British Midland Mortgage Insurance), ADSA (American Society of Savings) and ADAA (American Association of Savings).
It has since been revealed that these superannuations were intended to protect taxpayers from losses incurred as a result of the crisis.
These allegations were made by the whistleblower group Project Fear, which alleges that the Government and its advisers misled the public about the scope of the bailout and the role of superannuates.
It is understood that the UK government had been considering the closure of the British Superannuation Funds since 2009.
During the past year, there have been allegations that a group from the ADMI had used their position as its own bank to engage in illegal activities including fraud, money laundering and money laundering offences.
Last month, the Department of Business, Energy and Industrial Strategy (BEIS) was accused of engaging in a cover-up over the extent of the scandal by claiming the “adverse impact” of the alleged illegal activity had been mitigated.
As part of this inquiry, it has been alleged that some of those charged with money laundering by the Government in connection with the ADII scandal are working for the same bank, and are currently employed by the same company as the alleged ADI fraudsters.
Project Fear’s report also claims that at a recent meeting in which BEIS officials had discussed the investigation into the ADCI, they failed to mention that the ADISA scandal had also involved the ADIS.
According to the BEIS report, one of the directors of the company involved in the AD II scandal, Mr Tom Gorman, “told his superiors that he was aware of the potential for fraud associated with the company, and suggested that ADI could be the vehicle for such fraud”.
However, it is believed that Mr Gorman was unaware of the extent to which the ADIC investigation was being conducted, and is therefore not a person who is responsible for ensuring the integrity of the investigation.
After this latest scandal, the Government will now be faced with the task of bringing about