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Lib Dems back RBS break up

Lib Dems back RBS break up

Category: Banking

Updated: 25/09/2012
First Published: 25/09/2012

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The Liberal Democrats have called upon the Government to break up Royal Bank of Scotland (RBS) into a range of local community institutions.

Speaking at a Social Market Foundation event regarding competition in the banking sector, the Liberal Democrat Treasury spokeswoman, Baroness Susan Kramer, stated that RBS and Lloyds Banking Group, both state-owned banks, should be split up.

She did, however, concede that she was unsure as to whether this would have any positive impact on the industry, businesses or general public.

"We have one or two albatrosses. The notion that we were going to sell off the banks for a substantial profit very quickly has long gone out of the window," she said.

"Is there a more constructive way to use them? I don't know enough to say breaking them up is the answer but I feel strongly that the Treasury should be looking very, very closely at the option."

Lloyds Banking Group is 39% owned by the taxpayer.

It was rumored last month that the Government was thinking of purchasing the remaining 17% of RBS, making it completely state-owned.

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