Due to report tomorrow - the RBS investigation. As a Director of the Bank, Peter Sutherland is expected to receive some attention. Vince Cable will consider whether or not former Board members should be barred from acting as Directors.
The FSA and Tyrie have agreed on the name of a senior lawyer, accountant or respected City financier who will attempt to break the legal deadlock. That way the path could be clear for a comprehensive account of why one of the biggest banks in Britain needed a £45bn taxpayer bailout. The government has an 83% stake in RBS.
Turner and Sants have been under pressure from the Treasury select committee, the chancellor, George Osborne, and business secretary, Vince Cable, all of whom have been demanding a report be published as soon as possible. Last year's summary on RBS's purchase of ABN by accountancy firm PricewaterhouseCoopers took 18 months to complete and cost nearly £7.8m. The absence of a comprehensive report or action against individuals drew a barrage of criticism.
The British media anticipates that the report will be "explosive."
The RBS collapse in 2008 cost the British 42 billion pounds.