Cable: No prospect of RBS being re-privatized soon

7 February 2013

British taxpayers may have to support the Royal Bank of Scotland (RBS) for the foreseeable future, a senior government official has admitted.

Some 82 per cent of RBS is currently owned by the state after the administration bailed the bank out at the height of the global economic slump in 2008.

And while constant efforts have been made since then to restore the financier to a strong enough position where it can be handed back to the private sector, business secretary Vince Cable has revealed there is little chance of this happening any time soon.

During an interview with BBC Radio 4's Today programme, Mr Cable said there is "no immediate prospect of RBS being reprivatized".

"It could remain in public ownership for a long period of time, it could be reprivatized or it could be mutualised. I haven't foreclosed on anything."

Mr Cable went on to say that he believes RBS should have been fully nationalized at the time of its bailout.

By Asim Shah

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