The Government has today welcomed the European Commission’s approval of the restructuring of the Royal Bank of Scotland (RBS) and State Aid approval for the Asset Protection Scheme (APS).
Plans for the restructuring of RBS were announced on 3 November, following an agreement with the Treasury on the bank’s participation in the APS.
Financial Services Secretary to the Treasury Paul Myners said:
“Today is an important day for RBS. It has been more than a year since the Government first intervened to protect depositors in the bank. Since that time, a great deal of work has gone into understanding the full scale of the challenges facing RBS and the steps needed to address them.
“After requiring significant taxpayer support, RBS can now get on with the task of planning for its future and working to give the public a good return on its investment in the bank.
“Importantly, the divestments that RBS will make in the years ahead will be part of the biggest shake-up in High Street banking this country has seen in decades. Together with the eventual sale of Northern Rock and divestments from Lloyds, we could have three new banks operating on the High Street within four years.
“We thank the European Commission for their support and hard work in getting us to this point.”
** Additional Information & Advice **
Depending on your circumstances, however, you may want to speak with a solicitor. You can be matched with a solicitor in your area for free via solicitor matching services, which can also help you to understand the best course of action and whether you are ready to hire a solicitor.
You may also like:
- Law and government: Councils appeal for increased powers to limit…
- Guest Blog: Cohabiting couples, their rights and the common law…
- Legal Aid: New report shows rise in DIY defence since…
- Health and Safety: Alton Towers owner pleads guilty to health…
- International: Virginia governor overturns law to allow convicted criminals to…
If you cannot find what you are looking for on Findlaw.co.uk please let us know by contacting us at: email@example.com.
Furthermore, please be aware that while we attempt to ensure all our information is as up-to-date and relevant as possible occasionally some our articles may no longer be accurate.