The UK parliament has warned taxpayers may never recover the estimated 82 billion euros spent by the government during the country’s banking crisis.
The money was used to bail out the troubled RBS and Lloyds banking group with the government purchasing 40 percent of Lloyds and 82 percent of RBS as the banks stood on the brink of collapse.
The Public Accounts Committee reported it could be, “many years” before either bank could be sold. It added it was fortunate that Virgin Money was keen to buy Northern Rock.
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