RBS loss more than £24bn

| 27/02/2009

(The Guardian): Royal Bank of Scotland has suffered the biggest loss in British corporate history – more than £24bn – and admitted today the taxpayer could end up owning 95% of the bank if its losses continue to mount. The troubled bank needs to sell up to £19.5bn new B shares to the taxpayer in order to insure £300bn of its most troublesome assets. As a result, the taxpayer’s voting rights over the bank would increase to 75% from almost 70% now. But Stephen Hester, the new chief executive, said the government’s "economic interest" could rise to 95% "depending on how things work out".

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