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RBS break-up backed by first minister RBS break-up backed by first minister
(about 1 hour later)
The first minister has backed a break-up of RBS to split its risky investment bank from its mainstream retail and business lending arm.The first minister has backed a break-up of RBS to split its risky investment bank from its mainstream retail and business lending arm.
It comes as Chancellor George Osborne has said he did not want "a quick sale of our RBS shares".It comes as Chancellor George Osborne has said he did not want "a quick sale of our RBS shares".
First Minister Alex Salmond also told the BBC that an independent Scotland would "mirror" regulation in London.First Minister Alex Salmond also told the BBC that an independent Scotland would "mirror" regulation in London.
But he said it could go its own way if Holyrood disagreed with the approach taken through the Bank of England.But he said it could go its own way if Holyrood disagreed with the approach taken through the Bank of England.
Responding to publication on Wednesday of Westminster's Banking Standards Commission, Mr Salmond said its approach to RBS was "one of the weakest parts of the report".Responding to publication on Wednesday of Westminster's Banking Standards Commission, Mr Salmond said its approach to RBS was "one of the weakest parts of the report".
He rejected an idea considered by the commission that the strong parts of the bank should be split from its troubled assets.He rejected an idea considered by the commission that the strong parts of the bank should be split from its troubled assets.
'Good value''Good value'
Meanwhile, in his annual Mansion House speech, Mr Osborne announced the government is preparing to sell its stake in Lloyds Bank back to private investors.Meanwhile, in his annual Mansion House speech, Mr Osborne announced the government is preparing to sell its stake in Lloyds Bank back to private investors.
The chancellor said Lloyds - 39%-owned by the government - was in a good position and investor interest was growing.The chancellor said Lloyds - 39%-owned by the government - was in a good position and investor interest was growing.
He went on to say he would "only sell our stake in RBS when we feel the bank is fully able to support our economy and when we get good value for you, the taxpayer", but he said that moment was some way off for RBS.He went on to say he would "only sell our stake in RBS when we feel the bank is fully able to support our economy and when we get good value for you, the taxpayer", but he said that moment was some way off for RBS.
Mr Salmond said: "If you were going to split between good and bad banks, you should have done that five years ago. The time for that is past."Mr Salmond said: "If you were going to split between good and bad banks, you should have done that five years ago. The time for that is past."
But he said there should be a different split, between the riskier investment bank and the retail and business lending arm.But he said there should be a different split, between the riskier investment bank and the retail and business lending arm.
The first minister added: "That's a structural change that's necessary. It fits in with what's happening across Europe.The first minister added: "That's a structural change that's necessary. It fits in with what's happening across Europe.
"We should give the Royal Bank the time to complete its recovery stage. It should be pointed in the direction of splitting the retail bank and the capital market 'casino' banking, which has huge risks attached to it.""We should give the Royal Bank the time to complete its recovery stage. It should be pointed in the direction of splitting the retail bank and the capital market 'casino' banking, which has huge risks attached to it."
Mr Salmond also criticised the chancellor for wanting to sell the government's bank stakes ahead of the 2015 election.
He said the Treasury's involvement in the departure of RBS chief executive Stephen Hester had undermined the Royal Bank's share price.
'Billion pound man''Billion pound man'
Mr Salmond said: "The Chancellor of the Exchequer has cost you and me, every one of us, a billion pounds by his disgraceful interference in sacking the chief executive of the Royal Bank of Scotland. Mr Salmond also said the Treasury's involvement in the departure of RBS chief executive Stephen Hester had undermined the Royal Bank's share price.
He said: "The Chancellor of the Exchequer has cost you and me, every one of us, a billion pounds by his disgraceful interference in sacking the chief executive of the Royal Bank of Scotland.
"He's the billion pound man. And that shows you the danger of accelerating timetables for political expediency.""He's the billion pound man. And that shows you the danger of accelerating timetables for political expediency."
Earlier this month, RBS announced Mr Hester was leaving by mutual agreement, though it subsequently became clear that he had not agreed to the government's terms for him staying on to see through the sell-off of the government's 81% stake in the Royal Bank.Earlier this month, RBS announced Mr Hester was leaving by mutual agreement, though it subsequently became clear that he had not agreed to the government's terms for him staying on to see through the sell-off of the government's 81% stake in the Royal Bank.
Questioned by the BBC, Mr Salmond said that an independent Scotland would have a Scottish regulator which would "fit in with the regulation conducted under the new regulator" within the Bank of England. "That is a sensible approach," he added.Questioned by the BBC, Mr Salmond said that an independent Scotland would have a Scottish regulator which would "fit in with the regulation conducted under the new regulator" within the Bank of England. "That is a sensible approach," he added.
He went on: "We can mirror and parallel the regulation. Of course, if the regulation was to be deficient - if for example, some future Chancellor of the Exchequer wanted to go back to the Financial Services Authority (the regulator until reforms earlier this year) - the great advantage of independence is that we would have the opportunity to ensure Scotland wasn't included in that mistake."He went on: "We can mirror and parallel the regulation. Of course, if the regulation was to be deficient - if for example, some future Chancellor of the Exchequer wanted to go back to the Financial Services Authority (the regulator until reforms earlier this year) - the great advantage of independence is that we would have the opportunity to ensure Scotland wasn't included in that mistake."