British taxpayers risk losing their entire £45 billion stake in Royal Bank of Scotland (RBS) which is in grave danger of failing within 10 years, according to an explosive new book.
According to the Independent on Sunday, a new study of the bank, which brought the UK to the brink of financial ruin, reveals RBS still has a £100bn “black hole” in its finances due to “five broad areas of alleged criminality and wrongdoing”.
Financial journalist Ian Fraser, who wrote Shredded: Inside RBS, The Bank That Broke Britain, said: "The result has been that, at the time of writing, RBS is probably a worse bank than it was under Fred Goodwin.
“If the right moves are now made, RBS could become a great bank again. If they’re not, I doubt it will even exist in 10 years’ time".