RBS Group Chairman Sir Philip Hampton said:
"Taxpayers should never have had to rescue RBS. The FSA are right to have given the British public its assessment of events and factors that led to RBS requiring Government assistance. The FSA's views are an important contribution to the debate on how banks should be managed and regulated in the future.
"As we build the new RBS, we are learning the lessons of the past and working to regain the trust of the public. Our new leadership has made significant progress in making the bank safer and more focused on the needs of its customers. RBS is carrying out an enormous restructuring and we are ahead of our targets. We are changing the business we do and the way we do it.
"Though the banking sector and the economy as a whole continue to face uncertainty, this time around RBS faces these challenges with capital ratios among the strongest amongst our peers. We have significantly improved both our liquidity position and our loan to deposit ratio. We continue to support the international regulatory reform agenda and believe we are at the leading edge of implementing required changes.
"We acknowledge the work that has led to the FSA's report. It charts a difficult period for RBS - we are now firmly focused on its future."