Restructuring of RBS gets EU green light
15 December 2009 10:15:01
 |
| The Royal Bank of Scotland restructure will go ahead. |
Financial services secretary to the Treasury Paul Myners welcomed the "important" decision, noting that the UK government first intervened more than a year ago to protect the bank's customers.
The taxpayer stake in RBS will rise from 70% to around 85% now that the bank is joining the Asset Protection Scheme under the terms of the restructuring.
"A great deal of work has gone into understanding the full scale of the challenges facing RBS and the steps needed to address them," Mr Myners revealed.
"After requiring significant taxpayer support, RBS can now get on with the task of planning for its future and working to give the public a good return on its investment in the bank."
Mr Myners observed that the country is going through the "biggest shake-up in high street banking ... in decades", with the prospect of three new privately-owned banks operating within four years.
Northern Rock is also being restructured on January 1st 2010 after the government stepped in to stabilise the bank two years ago.
That decision ensured that all customers' savings were protected and the latest plans will allow the bank to play a "full role in supporting the recovery of the economy", Mr Myners said.
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