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:
Wires > Business
- 19:31 CET France’s Iliad makes buyout approach for T-Mobile U.S.-Source
- 19:23 CET UBS’s UK head to leave bank at end of September
- 18:52 CET Novatek says sanctions strain funding for Yamal LNG
- 18:30 CET Lloyds helps drag down Britain’s FTSE
- 18:22 CET France’s Iliad makes buyout offer for T-Mobile U.S.A
- 18:19 CET Synthetics pose a conundrum for world diamond industry
- 18:14 CET France’s Iliad makes buyout offer for T-Mobile U.S. -WSJ
- 17:55 CET EU watchdog gives warns banks on retailing CoCos