Barings report completed

The report on the collapse of Barings will be delivered to Kenneth Clarke, the Chancellor of the Exchequer, by tomorrow. Mr Clarke has said he wants to present its conclusions to the House of Commons before 20 July, the last day of Parliament before the summer recess.

A final meeting was held on Friday by the Bank of England's team of investigators, who put the finishing touches on their lengthy report over the weekend. The report addresses both the sequence of events that led up to the merchant bank's sensational collapse in February as a result of trading losses of nearly pounds 900m and the supervisory lessons that can be drawn from the episode.