Newspaper article The Evening Standard (London, England)

Banks Will 'Take Years' to Pay Back Taxpayers' Money

Newspaper article The Evening Standard (London, England)

Banks Will 'Take Years' to Pay Back Taxpayers' Money

Article excerpt

Byline: Hugo Duncan

UK Financial Investments (UKFI), the quango in control of the Government's stakes in British banks, today warned that it will take years for taxpayers to get their money back.

It said there was no quick fix for selling state holdings in Lloyds Banking Group and Royal Bank of Scotland (RBS), and indicated it would be a complicated and drawn out process involving any number of financial instruments.

UKFI chief executive John Kingman said that every UK household will have more than [pounds sterling]3000 invested in shares in RBS and Lloyds. He pledged to maximise the value of those investments.

"UKFI will not interfere in the dayto-day running of the banks, but will continue to engage strongly on strategic issues which could impact value including board membership, risk management and remuneration policy," Kingman added.

The taxpayer took a 43% stake in Lloyds at an average of 121p a share and a 70% stake in RBS at an average of 51p a share to save the banks from collapse last year. …

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