Royal Bank of Scotland

Andrew Love Excerpts

Thursday 13th June 2013 Commons Chamber

[Sajid Javid]

I share the concerns that my hon. Friend has articulated. He will have noticed from my speech that I said RBS under Stephen Hester has made huge progress in becoming focused on lending to British businesses. I am confident that, because of the plans that have been set in place, that will become even more prominent in RBS’s strategy.

[Mr Andrew Love (Edmonton) (Lab/Co-op)]

The Minister has said quite a bit about the end of the rescue phase, but absolutely nothing about the strategy for selling RBS back into the private sector. I remind him that the Government own 82% of the shares. There have been persistent rumours in the press about the creation of a good bank/bad bank. Will the Minister confirm or deny whether that is actively being considered, and if it is, how in those circumstances will he continue, as he stated in his statement, to protect the taxpayers’ interests?

[Sajid Javid]

The Chancellor has made it clear in very recent statements that he wants to wait for the report from the Parliamentary Commission on Banking Standards. It is a very important report, and we as a Government want to listen and take it seriously. After the report is completed, we will set out our plans for how we see the state banking sector going forward.