Olympics-Bank of England's King says banks can learn from Games

* Says Olympics have lessons for banks on fair play

* Games show motivation is more than money, he says

* Urges patience on Britain's economic recovery

LONDON, Aug 12 (Reuters) - Bank of England governor Mervyn

King took a swipe at bankers on Sunday, saying they should take

a lesson about fair play from the Olympic Games, which have

shown that money is not the only motivator for success.

King, who has previously criticised banks for excessive pay

and shoddy customer treatment, also called for international

cooperation to ease a global economic crisis in a column in the

Mail on Sunday newspaper on the final day of the London Games.

"As recent scandals have shown, banks could learn a thing or

two about fair play from the Olympic movement," said King, a

keen sports fan who is fond of using sporting analogies to

clarify economic policy.

The reputation of banks is at a low after string of scandals

over rate-rigging, mis-selling to customers and high levels of

pay at a time when many workers are suffering wage freezes and

job insecurity.

Britain's Barclays bank was fined $453 million in

June for manipulating Libor interbank lending rates in a scandal

that has embroiled banks on both sides of the Atlantic.

British banks have also set aside billions of pounds to

compensate customers mis-sold payment insurance products, and

face further costs over the mis-sale of interest rate hedging.

"The financial sector has done us all a disservice in

promoting the belief that massive financial compensation is

necessary to motivate individuals," King said.

The thousands of Britons who had volunteered as guides and

helpers at the Games showed that "motivation is more than mere

money," he added.

In a broader message aimed at policy makers worldwide, he

said the Games showed the need for teamwork and how sport could

generate trust and understanding.

"In the midst of the most difficult economic times for

several generations, the need for countries to trust each other

and work together is more important than ever.

"The origins of the financial crisis were global. So too

must be its solution," he said.

King said Britain's economy was "slowly healing", and urged

patience ahead of an eventual turnaround.

"If we have learnt anything from the past fortnight, it is

that commitment and hard work over a long period are necessary

for eventual success," he said.

"Conditions are in place for recovery, and the Bank of

England is, and will carry on, doing all we can to bring it

about," he said.

The Bank of England has kept interest rates at a record 0.5

percent low since March 2009 and by November will have spent 375

billion pounds buying government bonds to lower big companies'

capital costs.

The Labour opposition and some economists want Prime

Minister David Cameron's Conservative-led government to play its

part by easing a deficit-cutting austerity programme they blame

for putting a lid on growth.

Britain's economy is struggling to recover from the 2007-08

financial crisis, tipping into its second recession in four

years at the end of 2011.

The Bank of England slashed its forecasts last week and

believes there will be no growth in Britain's economy this year.

Source: http://news.yahoo.com/olympics-bank-englands-king-says-banks-learn-games-151739576--sector.html

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