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RBS moves closer to re-privatisation

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2 years ago

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http://www.euronews.com/ Royal Bank of Scotland has reported stronger underlying profits.

Its operating profit was the equivalent of just over four billion euros last year, the highest since its taxpayer bailout in 2008, but its pretax losses totalled a little over six billion euros.

The closer it get to financial health the greater chance there is for the British government to sell the 82 percent of RBS it owns.

Chief Executive Stephen Hester spoke of “the light at the end of the tunnel” but the prime minister’s office said there was not yet a timetable for a sale.

Britain is considering a range of options for re-privatising the bank including giving shares away or selling shares to the public at a discount.

*Bonuses cut*

The bank paid out 607 million pounds (703 million euros) in bonuses for 2012, down 23 percent from 2011.

RBS has cut about 302 million pounds (350 million euros) from bonuses, clawed back from past awards or to be cut from future payments.

Bankers in Europe will have bonuses capped in future after agreement in Brussels on pay limits to try to curb financial sector excesses.

RBS is also to further reduce the scale and scope of its investment banking business, which was welcomed by UK finance minister George Osborne: “I want to see RBS as a British-based bank, focused on serving British businesses and consumers, with a smaller international investment bank to support that activity rather than to rival it.”

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2 Comments

2 Comments

  1. @shhwinner6663

    May 20, 2024 at 5:42 pm

    £5.2 billion in losses so far and £700 million in bonuses let this stinking insolvent bank fail already

  2. @shhwinner6663

    May 20, 2024 at 5:42 pm

    At a massive loss to tax payers

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Another Europe News

Von der Leyen’s trip to Kyiv concludes with an EU-Ukraine drone deal

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July 17, 2026

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Ursula von der Leyen’s trip to Kyiv concludes with an EU-Ukraine drone deal, the first of its kind.

The European Commission president also spoke about accession and hinted at what might be next, as Jorge Liboreiro reports for #EuropeToday.

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Latest news bulletin | July 15th, 2026 – Morning

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2 hours ago

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July 17, 2026

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Latest news bulletin | July 15th, 2026 – Morning

Catch up with the most important stories from around Europe and beyond this July 15th, 2026 – latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.

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National sovereignty equals ‘sending gifts to US and China’, former Italian PM Letta tells Euronews

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4 hours ago

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July 17, 2026

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National sovereignty equals ‘sending gifts to US and China’, former Italian PM Letta tells Euronews

The former Italian prime minister tells Euronews that, to be able to compete with Washington and Beijing, the EU must keep a united front, adding that “the true battle is for European sovereignty”.

READ MORE : http://www.euronews.com/2026/07/14/national-sovereignty-equals-sending-gifts-to-us-and-china-former-italian-pm-letta-tells-eu

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Latest news bulletin | July 5th, 2026 – Morning

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6 hours ago

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July 17, 2026

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Latest news bulletin | July 5th, 2026 – Morning

Catch up with the most important stories from around Europe and beyond this July 5th, 2026 – latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.

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“It’s freedom”: Border residents react to end of Gibraltar-Spain checks

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7 hours ago

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July 17, 2026

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“It’s freedom”: Border residents react to end of Gibraltar-Spain checks

Routine border checks between Spain and Gibraltar have ended, allowing thousands of daily commuters to cross more easily. While many welcome shorter journeys and greater freedom, others remain cautious about the long-term impact.

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