Wednesday, 28th May 2008

HSBC calls for higher rates to fight inflation

Reuters

The chief executive officer of Europe's biggest lender yesterday called on central bankers to raise interest rates in order to combat inflation.

Michael Geoghegan, group chief executive officer at London-based HSBC Holdings, said central banks were not yet committed to taming inflation, and predicted US interest rates would rise after the US presidential election in November.

"Inflation is a long-term problem because there is no long-term will to solve it," Mr Geoghegan said during a speech organised by the Asia Society in Hong Kong.

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Article © Allied Newspapers Ltd., printed on Sunday, November 22, 2009. This article is for personal use only, and should not be distributed.

Comments

dr Frank Portelli MD FRCS(Ed) (on 28/5/08)

He would say that wouldn't he having just written off 3.2 billion dollars in the first 3 months of 2008 - being losses incurred in the sub prime market

Read poor risk assessment

http://news.bbc.co.uk/2/hi/business/7395425.stm

Dr Frank Portelli MD FRCS(Ed)