Salmond: Split RBS into retail and ‘casino’ banks

FIRST Minister Alex Salmond has voiced his opposition to proposals to split the troubled Royal Bank of Scotland into “good” and “bad” banks.
Picture: GettyPicture: Getty
Picture: Getty

However, the former RBS oil economist said he believes the bank should be broken up into retail and “casino” banks.

The SNP First Minister was commenting after Chancellor George Osborne announced an urgent review into the Banking Commission’s proposal to break up RBS into good and bad banks.

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The Chancellor hinted he would be in favour of the move saying it is what should have happened in 2008 when the government was forced to take an 84 per cent stake in RBS after it nearly collapsed.

But Mr Salmond said: [RBS]should be pointed in the direction of splitting the retail bank and the capital market ‘casino’ banking, which has huge risks attached to it.”