Downing Street Says » Royal Bank of Scotland

» Thursday, June 13, 2013

Royal Bank of Scotland

Asked a question on Stephen Hester stepping down as the chief executive of the Royal Bank of Scotland (RBS), the PMS said the Prime Minister entirely agreed with what the Chancellor had said on the matter, RBS was moving on from a rescue phase. Asked a question on finding a replacement for Mr Hester, the PMS said there would be a process which the RBS board would rightly lead on. Asked about the Chancellor?s involvement, the PMS said it was expected that a company board would engage with shareholders regarding future strategic planning and, through UK Financial Investments (UKFI), the government was a major shareholder of RBS. He said that the RBS board and Stephen Hester had explained that RBS was seeking a chief executive to lead the bank through the return to private ownership and beyond. Asked if there was a timetable for the reprivatisation of RBS, the PMS said there was no timetable and he pointed out that what counted was doing the right thing for the economy and taxpayers. Asked if it was important that £45 billion of taxpayers? money was recouped, the PMS said the Prime Minister shared the view of the Chancellor around supporting the British economy and getting British taxpayers? money back. Asked if the Prime Minister regarded the announcement of 2,000 job losses at RBS as good for taxpayers, the PMS made the point that any job losses were a big blow for those involved, which was why the government had a range of programmes to address those issues. Asked a follow up question on whether a leaner organisation would attract perspective buyers, the PMS said this had been the biggest bank bust in the world and there had been a very large rescue job. The right thing to do would be to have a bank focused around its core business supporting the British economy.

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