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Royal Bank of Scotland

Volume 486: debated on Tuesday 13 January 2009

To ask the Chancellor of the Exchequer if he will make it his policy to end the offshore operations of Royal Bank of Scotland. (245313)

This is a matter for the directors of the Royal Bank of Scotland (RBS).

The Government’s investments in banks accessing the recapitalisation scheme will be managed on a commercial basis by an arm’s length company, “UK Financial Investments Limited” (UKFI). The overarching objectives for UKFI will be to protect and create value for the taxpayer as shareholder with due regard to the maintenance of financial stability and to act in a way that promotes competition. More details can be found in the letter dated 3 November from the Chancellor of the Exchequer, which is available in the House of Common’s Library.