In an interview with ITV News, the RBS boss Ross McEwan has admitted that five years ago the bank was too focused on 'getting things out of the door'.
Mr McEwan said: "Take the bank back five years ago, when we lent loans that we can now struggle to recover.
"The pendulum swung so far out to the side of getting things out of the door without the controls. The bank got tightened up because we were in such strife."
George Osborne has been talking today as if RBS is at the start of a significant transformation, but not much appears to have changed.
There will be no 'bad bank' - Mervyn King's demand to split and sell the bank we own has hit the buffers, once and for all is the idea.