Cameron wants RBS to speed restructuring
February 19, 2013 11:35 AM EST
Prime Minister David Cameron says he wants state-controlled Royal Bank of Scotland to speed up restructuring and has refused to rule out giving the government's share in the bank to the public.
The government owns 82 percent of RBS after pumping in 45 billion pounds of capital when the bank neared collapse in 2008.
Speaking in India during a trip aimed at drumming up trade and investment, Cameron made it clear he was keen to return the bank to private ownership as soon as possible and wanted it to step up its efforts to overhaul itself.
"It was a very badly damaged institution but I think they are doing the right thing but obviously we want them to, where possible, accelerate the adjustments that they are making in terms of making it a strong organisation," he said.
When asked to comment on reports the government was considering giving away its stake by 2015, Cameron said:
"These are all interesting questions for the future. The first job is to turn around the performance of RBS and to strengthen its balance sheet, strengthen its business and that's what (RBS Chief Executive) Stephen Hester and his team are doing.
"But I am keen to examine all possibilities for what we can do to put RBS in time back into the private sector."
In October, RBS said it was preparing to sell the shares in 2014, one year before the next general election, with the timing and sale structure up to the government. No share giveaway was mentioned.
Deputy Prime Minister Nick Clegg in 2011 backed proposals to give the public shares in part-nationalised banks because taxpayer money had been used to keep the banking system alive.
At the time, the Treasury said it would "look at all options", but critics dismissed the idea as a headline-grabbing exercise.
(Reporting By Andrew Osborn. Editing by Jeremy Gaunt.)
Most Popular Slideshows
- Jeremy Lin, Kobe Bryant Among The Top 5 Overpaid Players In The NBA (Part 1 - Western Conference)
- Reasons Why Michael Jordan Is Better Than LeBron James [PHOTOS And VIDEO]
- Dwyane Wade, Joe Johnson, Amare Stoudemire Among Worst Contracts In The NBA (Part 2 - Eastern Conference)
- Brawl-Marred Game in NFL Week 3: Philadelphia Eagles 37, Washington Redskins 34 [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- New Samsung Galaxy Note 4 and Galaxy S5 Android 5.0 L Killer Features, Encryption and More
- Google Release Roundup: New Nexus 6, Nexus 8, Android 5.0 L Launch and Killer Features
- Xperia Z, Xperia ZL, Xperia ZR Android 4.4.4 KitKat Update Guide
- Nexus 8, Nexus 9 Release Date, Device Name And Price Conundrum: What To Expect?
- New Zealand Could Be Next ISIS Target After Australia Beheading Plot, Says Expert
- China Is Also Seizing Disputed Land Along Indian Border
- Xiaomi Mi4 v. Moto X (2014) – Specifications, Features, Release Date And Price Showdown