Mr Hornby as chief executive of HBOS has admitted personal responsibility for the bank's demise (Courier exclusive by Farhana Haque, Sept 23).

Before accepting that the takeover by Lloyds TSB is inevitable, it seems to me he has some more explaining to do.

He fails to make clear the specific aspects of the demise of HBOS for which he accepts responsibility. Was it the business plan that short sellers found so flawed they felt it was time to act against HBOS? Their motives were clear, making quick profits – not the long-term growth of HBOS – but at the expense of existing shareholders.

What is less clear is what was Mr Hornby's reasoning when he says that "merger talks with Lloyds TSB began five weeks ago" and that "the combination with Lloyds TSB is the right thing to do." Did he consider the position hopeless when HBOS asked its shareholders for £4 billion extra cash?

He goes on to say that "the urgency increased as the global market chaos erupted."

It begins to sound as though what was a good market idea (the combination with Lloyds TSB) was an opportunity not to be missed and that the "unbelievable circumstances .... when its share prices plummeted and the world money markets began to veer wildly" provided the method of avoiding reference under the monopolies legislation. Was it his skill that secured the get together? Mr Hornby should make it clear what he is responsible for.

He states that "HBOS is a well capitalised and profitable bank."

And that "We have a proven record of carefully managing our responsibilities in every community we operate in."

If so, what exactly is he taking responsibility for? Is it failings he and others have yet to make clear and explain?

Or is it simply that he was unfortunate enough to be at the helm when actions by others overwhelmed HBOS and he at least had the foresight to have contacted Lloyds TSB earlier in case a rescue was necessary?
Clear answers would be helpful in guiding shareholders on which way to vote.

PS: it is reported that Mr Hornby is expected to occupy a senior position in the Lloyds-TSB/HBOS group when it is complete.
There may be some former employees and shareholders that find the "acceptance of responsibility" and "senior post" a little contradictory.

Joe Mitchell
Calderdale Trades Council