Byline: WILLIAM KAY
EDDIE George, governor
of the Bank of England, may have lost his right to tell banks what to do, but last week he fired off one last imperious shot.
What is possibly the Bank's last annual report on the Banking Act turns to supermarkets' moves into banking.
It says: `Supervisors must ensure that the different business ethic in supermarkets does not result in any diminution of the `know your customer' checks, or those on money laundering, and that the normal focus on credit aspects of a banking business is maintained.'
When the Bank refers to the supermarkets' `different' business ethics it is not hinting that their ethics are superior to banks'. Quite the contrary, I …