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06/03/2013
Bank Governor Demands RBS Split
Bank of England governor Sir Mervyn King has called for the Royal Bank of Scotland to be split up.
speaking to the Banking Standards Commission he said: "The whole idea of a bank being 82%-owned by the taxpayer, run at arms' length from the government, is a nonsense. It cannot make any sense.
"I think it would be much better to accept that it should have been a temporary period of ownership only, to restructure the bank and put it back. The longer this has gone on the more difficult that's become.
"This has dragged on unnecessarily long. I don't want to blame anyone for this but I think the lesson of history is we should face up to it.
"RBS is worth less than we thought and we should accept that and get back to finding a way to create a new RBS that could be a major lender to the UK economy.
"It's four-and-a-half years on (since RBS's rescue) and there is no immediate sign of it going back to the private sector. So I think that means that we have not been sufficiently decisive in either recapitalising the banks or restructuring them."
(GK)
speaking to the Banking Standards Commission he said: "The whole idea of a bank being 82%-owned by the taxpayer, run at arms' length from the government, is a nonsense. It cannot make any sense.
"I think it would be much better to accept that it should have been a temporary period of ownership only, to restructure the bank and put it back. The longer this has gone on the more difficult that's become.
"This has dragged on unnecessarily long. I don't want to blame anyone for this but I think the lesson of history is we should face up to it.
"RBS is worth less than we thought and we should accept that and get back to finding a way to create a new RBS that could be a major lender to the UK economy.
"It's four-and-a-half years on (since RBS's rescue) and there is no immediate sign of it going back to the private sector. So I think that means that we have not been sufficiently decisive in either recapitalising the banks or restructuring them."
(GK)
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Further Technical Glitches For RBS
The Royal Bank of Scotland (RBS) has said it will compensate those left "out of pocket" after a glitch meant many of its customers were left unable to pay for purchases. Customers of RBS, NatWest and Ulster Bank discovered services, such as online and card payments, were unavailable between 6.30pm and 9.30pm on Monday.
Further Technical Glitches For RBS
The Royal Bank of Scotland (RBS) has said it will compensate those left "out of pocket" after a glitch meant many of its customers were left unable to pay for purchases. Customers of RBS, NatWest and Ulster Bank discovered services, such as online and card payments, were unavailable between 6.30pm and 9.30pm on Monday.
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
