When RBS crashed, it cost tens of billions of taxpayers' money to stop it collapsing altogether.
But it also points out that neither RBS nor the FSA were operating in a vacuum.
In those circumstances, RBS would have to pack its bags and move to London pronto.
Banks were the day's big gainers, with RBS up 4.5% after a broker upgrade.
But he acknowledged that the government could not force RBS to act, despite its majority stake.
Earlier this month, RBS reported a return to profit after racking up big losses last year.
Most of the job losses are expected to be at RBS's offices in Edinburgh.
And what does all this mean for the prospects for privatising Lloyds and RBS?
After the latest results were released, RBS's share price climbed 2% to near 53p.
After the sale, RBS's remaining stake in Direct Line will be reduced to 49.99%.
Sir Fred Goodwin, the former chief executive who lured Alemany to RBS, was sacked in March.
The term of the loan guarantee to the bank RBS expires on 1 April this year.
So, for example, RBS could repay its Irish subsidiary's depositors and creditors in devalued Irish punts.
In the UBS and RBS cases, Japanese subsidiaries pleaded guilty to felony wire fraud.
RBS's board will not wait for an instruction from the FSA to change personnel.
It says RBS has exited 24 countries or entire businesses as part of the process.
The rules of the RBS pension scheme are outlined in the bank's annual report for 2007.
Other lenders to offer similar deals were the RBS group (including NatWest), Santander and the Nationwide.
Ulster Bank, the third-largest bank in Ireland, is owned by Royal Bank of Scotland (RBS).
But that disguises the very basic sense in which RBS's response has been lamentably poor.
Job number one is for everyone at RBS to put our customers' interests first.
The second job was to physically change RBS. We needed to make it much smaller.
Account holders at RBS and NatWest faced disruption for about two weeks owing to the problems.
Mr Tyrie praised RBS chief executive Stephen Hester for taking full responsibility for the failure.
Insurance firm Direct Line has said that its separation from parent group RBS is "substantially complete".
Earlier this month, RBS announced it would cut 3, 500 jobs from its global banking division.
Lloyds, RBS, Barclays and HSBC now hold 75% of the market, the OFT said.
"My understanding is that RBS believes its fines will be less than UBS's, " says our editor.
RBS's board did not become aware of it till notified by regulators, in 2011.
Goodwin immediately gave Fish the green light over the phone and pitched to RBS' board.
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