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Cameron calls for faster RBS return to private sector

RBS Branch 480

Prime minister David Cameron has put pressure on the Royal Bank of Scotland to “accelerate” reforms needed to return it to the private sector.

The Financial Times reports that Cameron, speaking on a three-day trip to India, said the Government will examine all options for privatising RBS.

He said: “The first job is to turn around the performance of RBS and to strengthen its balance sheet, strengthen its business and that is what Stephen Hester is doing.

“But I am keen to examine all possibilities for what we can do to put RBS, in time, back into the private sector.

“It is a huge undertaking, it was a very badly damaged institution, but I think they are doing the right thing. Obviously we want them to, where possible, accelerate the adjustments that they are making in terms of making it a strong organisation.”

Cameron said the idea of an RBS share giveaway to millions of citizens, floated by business secretary Vince Cable earlier this month, is an “interesting idea for the future”.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Possibly Alex Salmond and his ilk could produce a cunning plan as to how one of Scotland’s largest companies might be re-financed if devolution is achieved. It would certainly knock a bit of a dent in the North Sea oil revenues!

  2. To Duncan,

    This bank ran into difficulties when its stewardship was operating under ‘rules’ [sic] that were set not by the SNP government but by others.

    I am not a separatist by any means but it strikes me as odd that an SNP govt. should be expected to clean up a mess created by others.

    A big part of Scotland being responsible for its own affairs, in future, must surely be to ensure that IT is not encumbered by difficulties not of its making.

    This Wall St/City inspired descent into chaos, predictable and predicted by many in Scotland, was inflicted upon us all by British Governments of both hues.

    Scots voted against both, even switching from Labour to SNP when Blair and Brown adopted the same bonkers policies on deregulation and other copycatted schemes brought in by Thatcher.

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