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Article: Comment: 'Steely' Neelie set to prove her mettle in banks battle
- Article from:
- The Scotsman
- Article date:
- October 15, 2009
- Author:
CopyrightCopyright 2009 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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WE LOOK to be edging towards the endgame, as far as the
sacrifices Royal Bank of Scotland and Lloyds Banking Group will have
to make to satisfy the EU competition commissioner, "steely" Neelie
Kroes.
The European Commission wants the two banks to make substantial
disposals to compensate for the billions of pounds of taxpayer
support they have received, and their proposed participation
(Lloyds's uncertain, admittedly) in the government's toxic asset
insurance scheme.
Strong sounds offstage suggest one of Kroes's favoured options is
for RBS - 70 per cent-owned by the taxpayer - to sell or hive off
its 300-odd branches in England and Wales.
The beauty of this, from Kroes's point of view, is ...