On worked with the regulator to get this money back to customers who lost out, rather than paying a fine which would go back to the Treasury.
But First Minister Alex Salmond, who has called for full fiscal powers for Scotland, said the proposals had been overtaken by the UK government's plan to pay for a rise in the income tax allowance with personal increases in National Insurance, under which money would go straight to the Treasury.
But Sir Jock reckons that any money saved would almost certainly go back to the Treasury, not the conventional forces.
Instead, the money would go to a separate account in the Treasury.
Lord Turner may well be right to say that the Bank and the Treasury will have to go further out of their comfort zone to get the economy back on track.
But, before we get to any of that, the Bank and the Treasury are going to have one last go with the policy framework they already have.
The British government has not yet issued a response, but Merkel's plan is unlikely to go down well with the new head of the Treasury, Alistair Darling, who will be keen to protect the country's investment friendly image.
The deal could take up to three months to get necessary regulatory approvals, the Treasury cautioned, but is expected to go through more quickly than that.
The UK's Chief Secretary to the Treasury, Danny Alexander, called the decision "disappointing" and said the matter would go to an international court.
In allowing Lehman to go bust when competitors balked at taking it on, Hank Paulson, the treasury secretary, attempted to draw a line in the sand.
Most of the money will go to the police, with the rest going to magistrates courts, the Highways Authority and the Treasury.
BBC: NEWS | UK | Wales | North East Wales | Speed camera fines show 70% rise
This will happen partly because of higher petrol-price inflation but also because the main rate of VAT, which the Treasury lowered in December 2008 to 15% to fight the recession, will go back to 17.5% at the start of January.
ECONOMIST: There are promising signs that the economy is improving
George Osborne put the Crick Institute, along with other major public building projects, on hold when he came into the Treasury, but ultimately decided to go ahead with it.
But it also gave the Treasury Department a lot of leeway to go beyond that.
It's just that when the Treasury is hungry for funds, it makes sense to go after those citizens who are hardworking and frugal.
Wednesday, U.S. Treasury Secretary Geithner said the Obama administration is willing to go over the fiscal cliff if the wealthiest Americans are not taxed more.
Speaking of Mr. Geithner, when the Treasury Secretary indicated to the President that he wanted to go home to New York, the President leaned on him exceptionally hard to stay on the job.
Shadow chief secretary to the Treasury Rachel Reeves told the BBC it had taken Labour some time to go through the figures and talk to people who would be affected by the changes.
BBC: Tax credit change could cost families ?4k a year - Labour
Whatever happens, the world will want some sign that the US Treasury is going to pay some attention to the global economy this year - even as the president and his treasury secretary go forth in battle over the budget.
The Treasury and the Bush Administration have urged banks getting capital under this plan to go out and lend.
Bob Steel, a treasury under-secretary, accepts that on some issues the talking is likely to go on for years.
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