Banks "should contribute to society" says Barclays chief

John Varley, the chief executive of Barclays Bank, has admitted that banks have 'much to be sorry for' and need to show gratitude to the British public for the taxpayer bail-out of the industry.

He said in an article in the Sunday Telegraph that banks needed to display responsible behaviour, support economic progress and contribute to society.

Mr Varley believes that banks are "important to the economies of the world" and therefore to society.

He acknowledged that without decisive actions to restore confidence around the world, the banking system would have collapsed. Although Barclays did not get a taxpayer hand-out,Mr Varley admitted that his bank had benefited from the actions taken to bail out other banks.

The problem is - as I see it - that as banks take action to shaw themselves up by keeping the money being pumped into them, they are taking action to make themselves more robust and "behaving reesponsibly", but they are not doing enough to benefit the economy and society.

Homeowners could benefit more from better mortgage deals; savers could benefit more from better savings rates; businesses could benefit more from better loan deals and reduced charges; and, no, we don't want charges on individual bank accounts.

If banks really wanted to contribute to the economy and society, this is what they would be aiming for. It doesn't make them irresponsible if done in reasonable measures. Just give something back.