HBOS

Regulators today (Thursday) publish the report into the collapse of HBOS and is expected to be highly critical of the firm's former bosses.

The bank collapsed in 2008 at the height of the financial crisis and was rescued by Lloyds Banking Group, which was itself then bailed out by the government.

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have been reviewing the bank's failings. In 2013, chair of the Banking Standards Commission, Andrew Tyrie, described it as "a colossal failure of leadership".

In addition to reviewing the bank's failings, the report will also assess the supervision by the FCA's predecessor, the Financial Services Authority (FSA).

HBOS whistleblower Paul Moore, who was head of regulatory risk at the bank, told the BBC that its strategy was "growth at all costs, stack 'em high, sell 'em cheap, go at breakneck speed".

He said: "They borrowed at the apex £278bn, 60% of that they had to refinance within one year. That meant they had to borrow more than one and two-thirds the cost of the National Health Service every year.

"It doesn't take a genius, or even a child if you're a regulator, to add up on the back of a fag packet what the wholesale funding requirements were of all the banks and to prevent a crisis taking place and take away the punch bowl."