The Crown Office outlined the decision not to hold a fatal accident inquiry into the deaths last night.
A spokesman said: “We have offered our sincerest apologies to the Campbell and MacPherson families for the length of time it has taken to deal with this case.
“Crown Counsel, having given careful consideration to all relevant matters, including the recommendations of the South Ford Hydrodynamic Study and taking into account local feeling, have decided that there is no requirement to hold a fatal accident inquiry into the deaths.
“Crown Counsel are satisfied that the study has put all the available information in the public domain, including identifying factors for the flooding and recommendations to reduce the risk in the future, and that on that basis there is no requirement to hold a fatal accident inquiry.
“These tragic deaths occurred before the Crown Office set up its specialist Fatalities Investigation Unit and it is clear that both the time taken to reach the decision and the level of explanation offered during the process fell short of the standard we now work to.
“Further steps have been taken to ensure that a similar situation will not happen in the future with the Lord Advocate setting out to parliament our commitments in the Family Liaison Charter.”