The British government attempts to compensate taxpayers for their money
The British Government will set up three new banks from the rescued Royal Bank of Scotland (RBS), Lloyds Banking Group and Northern Rock, AFP agency reported. The large-scale restructuring occurs simultaneously with the government’s attempts to compensate taxpayers for their money, used to support the banks during the global financial crisis, and aimed at creating conditions for greater competition.
The State currently holds a 43% stake in Lloyds and a 70% stake in RBS, while Northern Rock is a 100% state-owned. According to unspecified sources, the authorities are expected to approve the proposed move and it should come into effect by 2015. In practice, this will result in the establishment of three new banks which will focus on deposits and mortgage loans. At the same time, the banks continue to sell off parts of their businesses, including some of their branches, the agency reported.
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(03.11.2009)