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Bank charges: Taxpayers’ bank bail-out bill 'too high'

The Royal Bank of Scotland (RBS) and Lloyds Banking Group bailout has cost taxpayers more than necessary, Conservative Party chairman Grant Shapps has said.

Mr Shapps felt that the Labour party had paid too much to bail out the two banks at the start of the financial crisis, the Telegraph reported.

The public own 81 per cent of RBS and 43 per cent of Lloyds, therefore any debt they incur must be covered by the taxpayer.

At the end of 2012, the Guardian revealed that taxpayers had a £23 billion deficit in their stake in RBS and Lloyds, although the Telegraph has since reported that taxpayers' loss is at £18 billion.

Regulators have said that RBS and Lloyds must raise a large amount of capital to cope with the deficit.

Instead of getting more money from taxpayers, RBS and Lloyds Banking Group have been looking at other options to raise capital, such as selling some of their assets.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801523425-ADNFCR

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