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Bank bosses say sorry but deny personal responsibility for RBS collapsed

Sir Fred Goodwin, former RBS chief executive, and Sir Tom McKillop, former RBS chairman, were today in front of the Treasury select committee looking into the collapse of the UK banking system. While both former leading lights of the RBS group apologised for the collapse in both the UK banking system and the Royal Bank of Scotland in particular, they did not take personal responsibility. Despite severe pressure from the Treasury select committee members they refused to take the blame personally for what has been one of the most disastrous collapses in UK corporate history.

Sir Fred and Sir Tom were questioned about how other banks managed to maintain a higher level of stability than the Royal Bank of Scotland and why the bank was so overstretched with regards to finances and acquisitions. However, hindsight is a beautiful thing as the ABN Amro deal, and further expansion into America by the RBS group, had been well-received by shareholders and analysts at the time. Initial concern about the ABN Amro deal soon disappeared when the new acquisition appeared to be settling in well.

This is just the beginning of a potentially momentous week in history of UK banking although whether the Treasury select committee will uncover any headline grabbing information remains to be seen.

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