In an update on the investigation into RBS, a Crown Office spokesperson today said:
“The failure of RBS is an issue of great public concern. The Crown undertook a thorough, independent investigation following publication of the FSA (now FCA) report in December 2011.
"The Crown's investigation focussed on the rights issue of April – June 2008, and involved detailed consideration of whether there was any evidence of criminal conduct associated with the rights issue.
"If there were such evidence those responsible would face prosecution. If not, the public in Scotland could be reassured that the matter had been properly investigated.
“This was an extremely complex investigation which included the examination of over 160,000 documents by a team of specialist forensic accountants and banking experts, supervised by the Serious and Organised Crime Division.
“The investigation involved close co-operation with a range of financial regulators and banking institutions, including the Financial Conduct Authority, the Prudential Regulation Authority, the Federal Reserve Bank of New York, the Serious Fraud Office and the Financial Reporting Council.
“Following careful examination of all the evidence seen to date, Crown Counsel have decided that there is insufficient evidence in law of criminal conduct either in relation to RBS as an institution or any directors or other senior management involved in the rights issue.
“If any further evidence comes to light which is relevant to this enquiry it will be considered by the Crown and we reserve the right to make further enquiry, if considered appropriate.”