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9:53	IK - Ian King, Deputy Business Editor: Morning everyone, and welcome to the Times Online live blog of the Treasury Select Committee (TSC).

9:54	IK - This is qute remarkable - for a start, all the members of the TSC are here. I've never seen that before.

9:55	IK - Stevenson's in - (Lord Stevenson of Coddenham, former chairman of HBOS). We are profoundly and unreservedly sorry. Our shareholders and a great number of our colleagues have lost a great deal of money.

9:56	IK - We're sorry for the effect on the communities we serve, says Stevenson. Tom McKillop's up too now (former chairman of RBS) - he's getting his apology in quick. He's apologising for the anxiety to customers.

9:56	IK - Now for the money shot - what will Sir Fred say?

9:57	IK - Sir Fred (former chief executive of RBS) says he's happy to repeat the apology issued at the RBS Extraordinary General Meeting when he bowed out. A profound apology. "It's affected everyone".

9:57	IK - Andy Hornby (former chief executive of HBOS) is now donning the sack cloth and ashes. He's extremely sorry too.

9:58	IK - Back to Mr McFall (John MaFall, chairman of the TSC) - he has questions on the future of banking and regulation.

10:01

IK - Stevenson's back - he says the prevailing view, expressed by former US Fed chairman, Alan Greenspan, had a big influence on everyone's behaviour.
Sir Fred is asked whether warnings weren't heeded.
He says there was recognition that the economy would slow down but says people underestimated the scale and the speed of that slowdown. He's also exonerating the Bank of England from blame too - this is a change from some other witnesses to have faced the TSC down the years.

10:02

IK - Tom McKillop - who is a career pharmacist, remember - is now being asked about banking. McFall's reading out the dictionary definition of a bank. Not sure where McFall's going with this.

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