In a damning report, the Parliamentary Commission on Banking Standards, says the primary responsibility for the downfall of HBOS "should rest with former chief executive Sir James Crosby" but also heavily criticised the actions of Lord Stevenson and Andy Hornby.
The commission said in the report:
"The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death."
Lord Stevenson came under heavy fire, having infuriated the commission by claiming reckless lending at HBOS was not his fault because he was "only there part time".It said he had shown himself "incapable of facing the realities of what placed the bank in jeopardy from that time until now".
The commission found the former HBOS bosses also failed to admit their mistakes and should apologise for their "incompetent and reckless board strategy".
A former boss of state-owned bank HBOS has said he will hand back his knighthood and almost a third of his pension after damning criticism.
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