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Royal Bank of Scotland

Volume 502: debated on Thursday 10 December 2009

To ask the Chancellor of the Exchequer what steps he intends to take following the National Audit Office's conclusion that net lending to business by the Royal Bank of Scotland (RBS) will not meet the legally binding targets agreed between RBS and the Government in negotiating the Asset Protection Scheme. (306057)

The lending commitments are legally binding on the banks and include sanctions such as restricting access to the Credit Guarantee Scheme. If the banks fail to meet their commitments and cannot satisfactorily demonstrate that this is due to insufficient demand for lending, the Government will impose these sanctions.