aware of risks being taken by executives prior to the economic crisis.
Reviews of the Royal Bank of Scotland (RBS), HBOS and Bradford & Bingley did not uncover any illegal activity however, the Sunday Times reported.
The review was called for by the Financial Services Authority (FSA) last April to examine disclosures made by the companies before their capital raisings in 2008.
Ernst and Young was asked to look into the financial disclosures made by HBOS by the city regulator. PricewaterhouseCoopers examined disclosures of RBS and BDO looked at those made by Bradford & Bingley.
Among the areas examined was RBS's £12 billion rights issue in April 2008, which took place shortly before the bank collapsed.
Plans to bailout the bank by joining the government's Asset Protection Scheme, which lost a record £24.1 billion last year, were also approved by shareholders last month.
In a future report by the FSA, the three banks' public statements, made before government bailouts occurred, will be examined.
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