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Taxpayers take 57.9% stake in RBS
Taxpayers will take a 57.9% stake in Royal Bank of Scotland after investors snubbed its £15 billion share offer, the bank has said.
The bank's existing shareholders refused to buy the new stocks because RBS' shares were trading below the 65.5p offer price announced in October.
The Government will step in to buy up the unwanted shares and shore up the bank's ailing finances - leaving taxpayers with a paper loss of almost £2.5 billion.
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