David Cameron today hinted that the Government may delay the sale of the taxpayers' majority stake in Royal Bank of Scotland to give them more of a say in how the bank operates.
The Prime Minister suggested that, rather than simply attempt to sell the taxpayers' 83% stake in the lending giant quickly and at as great a profit as possible, the shareholding could be used as a strategic lever to force it to influence its lending policies.
He was addressing the CBI in a speech focused on the continuing difficulties small and medium-sized businesses are having in obtaining bank loans.
“We've got a great opportunity in that we now own some rather large banks and we have to make some decisions as they go back into the private sector about the balance between maximising revenue for the Treasury...and making sure we have a good and competitive banking sector.”
“I want to make sure we have a banking sector that is really focused on SME lending...rather than thinking how can I become a bigger and bigger investment bank'.”
Banking analysts said the government may be considering following the Swedish model, where the government holds large stakes in the banking sector after bailing it out in the Nineties. No decision is likely until the Banking Commission reports in summer.
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