The global financial crisis which emerged in 2007 badly damaged the global economy and brought the global financial markets to their knees. Many UK Banks were heavily affected by the crisis—Northern Rock Bank collapsed in 2007, in 2008 the Royal Bank of Scotland was virtually nationalized by the Labour Government to save it from going down. The government also acquired a majority stake in Lloyds TSB Bank after Lloyds had agreed to take over Halifax Bank of Scotland. It became apparent that there were many governance related problems in these banks. As a result, Sir David Walker—the Chairman of the Walker Review Committee of Corporate Governance in the UK Banks and Financial Services Industry was asked to review governance issues in UK FTSE 100 banks and insurance companies. The Walker Committee was commissioned by the HM Treasury to conduct a review of and recommend measures to improve corporate governance in UK banks with particular regard to the issue of risk management.