The Trustee Savings Bank - the ownership question

In the recent parliamentary debate on the Trustee Savings Bank Bill the main concern was with the issue of ownership. As Mr Iain Stewart, Economic Secretary to the Treasury, put it in the debate "There is not just uncertain ownership, there is lack of ownership of the TSB". They are not mutual organisations like the Building Societies which have a class of depositors who are also shareholders with clear ownership. The purpose here is to consider why the present TSB management and the government have chosen the limited company form of organisation rather than opting for a mutual form of organisation and to consider the consequences for depositors and potential investors.