Government to own over half of RBS

Dated:

The Government will own 57.9% of Royal Bank of Scotland after shareholders only bought 0.24% of the new shares on offer.

The small take-up was mainly due to share prices being 65.5p which was only 10p higher than the price at which shares were trading.

The Government shares will be held by a company called "UK Financial Investment Ltd" which should hopefully maximise value for taxpayers and prevent politicians making business decisions about banks.

RBS has now agreed to recommence what is known as "normal" lending practices.




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