RBS Global Investment Bank

The Chancellor: It was hoped that, as is now happening with the Lloyds bailout, the 79 per cent stake could be sold at a profit in future years once RBS was nursed back to health, according to The Independent. RBS is 79 per cent taxpayer-owned In the event, lumbered with a giant global investment bank to fix, plus heavy fines from regulators, RBS shares have fallen well below the price taxpayers paid for them, last night closing at just 352p and valuing the taxpayer stake at £31.6bn. The Labour government spent £45.8bn buying shares in RBS at an average of 502p during 2008 and 2009 to save the bank from collapse. But the Chancellor announced at his Mansion House speech in the City of London that he would start selling them in the coming months anyway. The Chancellor said: I was not responsible for the bailout of RBS or the price paid then for shares bought by the taxpayer: but I am responsible for getting the best deal now for the taxpayer and doing whatever I can to support the British economy. Big institutional investors will be offered the shares before ordinary members of the public due to RBS complex investment case. (news.financializer.com). As reported in the news.