By Jonathan Davies
Royal Bank of Scotland (RBS) has apologised for giving incorrect evidence to a parliamentary hearing.
RBS directors appeared before the Treasury Committee after the bank's Global Restructuring Group (GRG) was accused of deliberately killing off businesses.
In letters released by the committee, RBS chairman Sir Philip Hampton said the evidence "lacked clarity".
Committee chairman Andrew Tyrie described the evidence provided as "unacceptable".
GRG was tasked with handling RBS's loans to businesses which were considered to be a risk. It was accused of deliberately forcing those companies to close.
A report by Lawrence Tomlinson, adviser to business secretary Vince Cable, suggested that RBS was profiting from SMEs in financial trouble.
One issue raised by the committee was whether or not the GRG was making a profit from its operations.
Senior RBS directors Derek Sach and Chris Sullivan suggested that the GRG was not running with the intention of making a profit. But in his letters, Sir Philip Hampton said: "This lack of clarity on an important point is very disappointing to the committee as it is to me, and I apologise."
He did stress, however, that Mr Sach and Mr Sullivan made a "honest mistake".
You can tweet your reactions to @freshbusiness or email editor@freshbusinessthinking.com
Join us on
Follow @freshbusiness
