When Royal Bank of Scotland CFO Ewen Stevenson was interviewed by Financial Director last month he revealed two hurdles stood in the way of privatising the 71% stake owned by the taxpayer.

The pension deal announced recently overcame the first obstacle.

Today’s confirmation that RBS has agreed a $4.9bn (£3.6bn) penalty with US regulators to end a long-running probe into its actions in the lead-up to the financial crisis is the other.

RBS CEO Ross McEwan said the agreement in principle with the US Justice Department (DoJ) was “a milestone”.

It also brings to an end one of the most challenging periods any CFO must have gone through in turning around the most complicated and dysfunctional of companies anywhere.

For this we salute you Ewen!