Business Secretary Vince Cable has warned the government's 81% stake in Royal Bank of Scotland (RBS) may not be sold off for another five years, arguing a quick sale of shares is unlikely.
Cable said it is "unrealistic" the bank could once again be privately owned by 2018, adding the bank is likely to be broken up before it is re-privatised. Speaking to the Sunday Telegraph Cable said: "I don't think it would be sensible for the government to set a rigid timetable, but given where we start from I think it is pretty unrealistic to think of RBS going back into private ownership this Parliament or probably within five years." He hinted the government may yet opt to split the bank in two, into a good and bad bank, in selling off a number of the lender's toxic assets. "I...
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