It got here because the agency introduced an impartial assessment on Friday, with legal professionals probing the closure of the previous Ukip chief’s account and different situations of de-banking by Coutts, the personal financial institution owned by NatWest Group.
Dame Alison’s resignation within the early hours of Wednesday got here shortly after the board stated it had full confidence in her place as chief govt.
Explaining the flip of occasions, Sir Howard stated: “We believe that was a rational decision to make at the time.
“However, the reaction, the political reaction to that, was such that Alison and I then concluded, and the board supported the view, that her position was then untenable.
“She would be running the bank in the face of very difficult headwinds, and therefore we made a different decision.”
The British financial institution had been thrust into the highlight after Mr Farage stated his account with Coutts was shut down as a result of it disagreed along with his political opinions.
Dame Alison later admitted to being the supply of a BBC report which prompt Mr Farage fell under the monetary threshold to carry an account, subsequently elevating issues that she breached confidentiality guidelines.
In the times main as much as her resignation, Dame Alison confronted stress from ministers and political figures over her future on the financial institution.
I clearly remorse the way in which issues have turned out. We have misplaced an excellent chief because of this, however I now need to look ahead
Sir Howard stated: “The Government , in the normal way during my eight years here, has not interfered with commercial decisions in this bank, and indeed I’m grateful to them for that.
“Clearly these were very exceptional circumstances, and the Government took a view which was not the view that the board had taken.”
He added: “I clearly regret the way things have turned out. We have lost a great leader as a result, but I now have to look forward.”
Sir Howard, who was already getting ready to step down from his position by mid-2024 earlier than the saga unfolded, stated he intends to proceed to guide the board whereas the seek for his successor continues.
Remaining in his place will “ensure the stability of the bank”, he insisted, regardless of going through calls led by Mr Farage to step down.
The financial institution has appointed regulation agency Travers Smith to guide an impartial assessment into the way it dealt with the Farage case, together with Coutts’ insurance policies in relation to buyer account closures.
The probe will particularly take a look at how Mr Farage’s account was recognized for closure and the steps that led to his case being thought of a reputational threat.
Meanwhile, Paul Thwaite, who stepped into Dame Alison’s footwear this week on an interim foundation, stated: “It’s an understatement to say that these are not ideal circumstances for anyone to take over.
“It’s clear to me that we got some things wrong.
“It will take time to address some of those challenges, but I’ve already taken action. I’m determined we learn, and start to move forward quickly.”
NatWest Group unveiled its monetary outcomes on Friday, revealing its working pre-tax revenue hit £3.6 billion within the six months to the tip of June, up £1 billion from the identical time a yr in the past.
