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.
Copyright © 2014 euronewsMore about:
- 1Micro-management: why small businesses are flourishing in Latvia
- 2EU car industry continues recovery but pre-crisis sales levels ‘unlikely’
- 3WTO’s and Germany’s cautious optimism
- 4Easter eggs: Economic crisis does little to dampen demand
- 5Russian economy in the red as investment slumps and capital flies
- 1Russian economy in the red as investment slumps and capital flies
- 2Russia cannot ignore power of the markets
- 3German economy set for strong growth, but with Ukraine overshadowing forecasts
- 4Micro-management: why small businesses are flourishing in Latvia
- 5Ukraine launches criminal probe into Russian bank
Wires > Business
- 14:25 CET GM to invest $12 billion in China and plans more plants
- 13:31 CET In the driving seat: China’s yuppies are new market force for…
- 12:48 CET Pfizer mulls $100 billion bid for AstraZeneca – report
- 12:30 CET GM aims to boost Cadillac sales in China by 2015
- 11:42 CET Premium car brands eye China’s secondhand market
- 11:05 CET South Africa’s ‘spaza’ shops suffer as big retail rolls in
- 08:32 CET Daimler to sell DENZA electric car in China with local subsidy
- 08:27 CET BMW in final stages of decision on potential new factory