Submitted on Friday 28th November 2008

RBS become civil servants

Owing to its inability to raise sufficient additional funds from its shareholders RBS look set to be 60% government owned

The government will pay £15b for its majority stake and £5b for preference shares

The shares will be held by UK Financial International Ltd to at least keep some distance betwen business and government. RBS have pledged to return to more normal lending parctice.

Lloyds and HBOS next 

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