The honeymoon period is over for Hester

Stephen Hester is used to winning. So it must have come as a bitter blow when Neelie Kroes, the European Competition Commissioner, told the RBS boss last week that he would have to make bigger than expected disposals in return for its state aid. RBS seems to have read Ms Kroes badly and its move to convert government-held preference shares into equity this year appears to have led to harsher penalties.