Sir Mervyn King, the outgoing governor of the Bank of England, has called on people not to "demonise" bankers for the financial crisis.
Mr King said the failings of the financial and regulatory system were the overall cause of the turmoil, which hit the global economy almost six years ago.
The current governor told Sky News the reforms being made to the way the City was regulated would begin a "revolution" in the way banking is handled and that people "will be able to be proud again of British banking".
He has also warned the government's initiative to help the housing market should not become permanent.
The current plan is set to run until 2017, during which the state will guarantee up to 15 per cent of a mortgage on homes worth up to £600,000.
Mr King said the UK must avoid emulating the US, where the state-backed mortgage schemes were bailed out.
By Gary Cooper