THE City regulator’s report into the collapse of Royal Bank of Scotland is set to spare Sir Fred Goodwin and Sir Tom McKillop any detailed criticism when it is published next week.
The results of the Financial Services Authority probe, due to be published next Monday after a series of delays, are expected to avoid a full analysis of the work of the former chief executive and chairman and to focus on Johnny Cameron, the ex-head of investment banking, who has been banned from any full-time work in the City.
The report is also expected to highlight the global financial crisis and the €71bn (then £49bn) takeover of ABN Amro, by RBS and two other banks, as major contributors to why RBS needed a £45bn taxpayer bailout and billions more in state-backed loans. A “let-off” for Goodwin, however, is likely to provoke the fury of MPs.
The FSA said it would not give a “running commentary” in the run-up to the report’s publication. RBS declined to comment.