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
- In Photos, Typhoon Rammasun Blasts the Philippines
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
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
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales