RBS avoids 'bad bank' split

Royal Bank of Scotland today reported a sharp fall in operating profits to £438 million for the third quarter, from £909 million a year earlier. The bank is also to create an internal 'bad bank' with £38bn of problem assets, avoiding a full split.

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Osborne: 'Unlikely' RBS will be sold before 2015 election

Chancellor George Osborne said he thought it was "unlikely" that RBS could be sold off and returned to the private sector before the 2015 general election.

I think, sadly, it is still some way off.

I think, quite frankly, it is unlikely before the general election.

If there was a transformation in RBS and all these problems that it has to confront were dealt with much more quickly, maybe we would reconsider.

But I say 'unlikely' in the real sense of the word, which is I don't think it's very likely.

– George Osborne speaking to Radio 4's Today programme.

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