Andrew Tyrie has left the UK public in no doubt that the Parliamentary Commission on Banking Standards that he chairs believes the “primary responsibility” for the “catastrophic failures” behind the collapse of HBOS lies with the lender’s former chairman and chief executives.

Commenting alongside this morning's publication of the parliamentary commission's report into the failure of HBOS in late 2008, Tyrie said: "The HBOS story is one of catastrophic failures of management, governance and regulatory oversight."