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PPI Claim News - 2/3/2010

Bank Reclaim: 'Outlook is cloudy' for taxpayer-owned banks

The future of two UK financial institutions that became part-nationalised during the banking crisis is looking "cloudy".

That is according to the Observer business editor Ruth Sutherland who wrote in the Guardian today that the state-controlled Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG) are in for a "tough road ahead".

Her comments come after RBS, which is 84 per cent taxpayer-owned, reported a loss of £3.6 billion in 2009, while LBG, of which the UK public has a 41 per cent stake, put the figure at £6.3 billion.

Referring to the likelihood that the government will detach itself from the financial partnership, Ms Sutherland writes: "There is no immediate prospect of the government selling its stakes, and neither bank can demonstrate that it has fulfilled its responsibility to get credit flowing."

She says the future of RBS and LBG is further restrained by the looming election and the ongoing debate regarding radical reforms of the banking sector.

US president Barrack Obama has already called for the larger financial institutions to be broken up, an opinion that was last week shared by Bank of England governor Mervyn King.

Mr King claimed that to leave the banking system in its current state is to allow bankers to remain in a "fool's paradise".

If you would like to make a credit card charges claim to get back all your late payment / over limit fees in the last 6 years from RBS or LBG then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000.ADNFCR-2776-ID-19644856-ADNFCR

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