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Bank charges: No more 'too big to fail'

Following its summit last week, the G7 has agreed that no bank should be considered too big to fail anymore.

The G7, which consists of financial leaders from the US, the UK, Germany, Canada, France, Italy and Japan, agreed that they should press on with banking reforms so that taxpayers no longer have to cover the cost of failing banks.

In the UK, the taxpayer had to deal with the bailout of Lloyds Banking Group and Royal Bank of Scotland (RBS), which they still own 39 per cent and 82 per cent of, respectively.

Having been bailed out during the financial crisis, only recently RBS was able to announce that it may be able to sell off its shares sometime next year depending on how much the government wants to sell its shares for.

As part of the reforms to the banking sector, the UK government has agreed that major banks need to set aside more capital to protect against bad loans falling though.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801584336-ADNFCR

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