Jonathan Reynolds comment on RBS results

Jonathan
Reynolds MP, Labour’s Shadow City Minister, commenting on RBS’s reported £7bn annual loss
today, said:

“Today’s
results show RBS still has much to do to overcome the legacy of the financial
crisis.

"Whilst
the core banking business of RBS is improving, the financial burden caused by
the errors of the past has generated a significant loss.

"British
taxpayers have had to stump up huge support for RBS – they need to know that
there has been a significant change in the regulation and culture of banking to
prevent this happening again.

"The
scale of the taxpayers’ support also means there needs to be a conversation
about what the long-term future of RBS should look like, to best protect the
public’s money.”