Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a707537
Osborne lays ground at EU for possible RBS split
by Alex Steger on Oct 07, 2013 at 07:30
Chancellor George Osborne has paved the way for a possible break-up of the Royal Bank of Scotland (RBS) by seeking clearance from the European Union should he decide to split the lender into a good and bad bank.
The Financial Times reported that Osborne (pictured) filed papers in July to the European Commission informing it of possible measures at RBS which could involve more state funding.
The paper reported that the move is aimed at avoiding stricter EU conditions on state support to banks and a cap on executive pay which came into force days after the chancellor filed the papers.
In June Osborne outlined the possibility of splitting RBS and subsequently commissioned Rothchilds to conduct a review into the idea.
According to the FT officials familiar with the case said the chancellor's EU move did not prejudge the review which is due to conclude this month.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
What others are saying
On the road
on Dec 10, 2013 at 12:57