Thursday, 5 July 2012

Debate next Tuesday in the House of Commons on RBS and Community Banks

Next Tuesday I have secured a debate on the future of RBS and the need for community local banks.
Timing is everything, and I have been wanting to get a debate on this issue for some time. As my colleague JohnRedwood writes today - see his blog here:
this bank is key to the fate of the UK economy, as it was bailed out by the UK Government in the days before LIBOR became a buzz word, and we still own over 80% of it.
What RBS does is of vital importance to the future of the UK economy - it needs to be run well to avoid more taxpayer losses, and to get taxpayer cash back.

I have long argued for the creation of more community banks. More details will follow but the disposal of RBS will have a crucial impact on local banks.
As John makes clear today:
In 2010 the Group lost £1666 million.
In 2011 the Group lost £1969 million.
In the first quarter of 2012 the Group lost £1404 million.
All this and the banks computer / IT disasters have caused serious problems to many customers these last 2 weeks