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Royal Bank of Scotland

Question for HM Treasury

UIN 6697, tabled on 13 July 2015

To ask Mr Chancellor of the Exchequer, if he will postpone any sales of shares in RBS by UK Financial Investments until all interest rate cases with sophisticated customers have been resolved or subject to an independent inquiry.

Answered on

15 July 2015

As the Chancellor and the Governor of the Bank of England have said, it is in taxpayers’ interests for the government to begin now to return RBS to private ownership. The Governor has also said, there could be considerable net costs to taxpayers of further delaying the start of a sale. The government is clear that the mis-selling of financial products is wrong and those businesses affected should be appropriately compensated through the Financial Conduct Authority’s redress scheme.

Answered by

Treasury