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Bank charges: RBS could be split up

Governor of the Bank of England, Sir Mervyn King, says that Royal Bank of Scotland (RBS) should be split up.

Mr King claims that RBS should be separated into a ‘good bank’ and ‘bad bank’, saying that the 82 per cent government ownership of the bank has gone on for too long.

He told the Banking Commission that there are not enough signs that the bank is moving back towards privatisation.

This is in spite of the fact that chief of RBS, Stephen Hester, claimed that he expects the bank could be privatised again within two years.

Mr King said that the ‘bad bank’ should be owned by the taxpayer and used to look after any bad loans.

The ‘good bank’ would be used for lending to businesses, which Mr King thinks would help move the bank towards privatisation.

RBS had to be bailed out in 2008 and now the government owns the majority of shares in the bank.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801554428-ADNFCR

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