More reasons emerged this week to suggest that the best banking inquiry would not be one examining what happened in the run-up to Sept 2008, but instead one into what has happened at the Irish banks since and continues to happen.

Royal Bank of Scotland has appointed law firm Clifford Chance to conduct an inquiry into the treatment received by small business customers in financial distress, responding to suggestions it closed down viable businesses too quickly.

Royal Bank of Scotland is facing allegations of “unscrupulous” treatment of small businesses in a report claiming the lender drove firms to collapse to buy back their assets at rock-bottom prices.