Stephen Hester Business Briefing

"The crisis was a body blow to the industry everywhere but it was felt very acutely here in Scotland where the pre-eminence of the sector and the big banks has been the source of so much pride for so long.

"At RBS responsibility for our part in the crisis has been allocated and accepted. Apologies have been given and the relevant leaders have left the business. We have a new management team in place overseen by a new Board. All of us, from the Board to every branch and call centre are fully committed to getting the bank back on its own two feet. The foundations are already there in some very strong businesses staffed by talented and committed people with deep customer relationships.

"At RBS our support for our customers must and will be at the core of all that we do as we work to return the bank to standalone strength. It is only by continuing to focus on our customers and serving them to the best of our ability that we can re-earn our way back to health.

"We owe it to everyone: customers; shareholders; staff; and the wider public, to repay the support we have been privileged to receive. We are on the job, working flat out and making solid progress. It will take time to change the business we do and the way we do it and I have made no secret of the fact this is a 5 year job that we have only just begun. Ultimately our success will mean that the UK Government can sell their shares in us, I hope and believe, at a profit. If that is possible everyone will be able to win.

"Our roots will remain anchored where they have always been, here in Scotland. This is an outstanding location in which to do business. The quality of life in Scotland is very attractive and the climate for business is and must remain supportive. We are very grateful for the support we have received from across society and the political spectrum for what we have to do. SFE as an organisation has played a key role in making the industry's case and has our full support".