Delay in City watchdog's report on the rescue of RBS
Monday 07 March 2011
The long-awaited Financial Services Authority report into the events leading up to the rescue of the Royal Bank of Scotland is likely to be delayed until next month.
The City watchdog came under immense political pressure, facing criticism from the Chancellor, George Osborne, the Business Secretary, Vince Cable, and Andrew Tyrie, the chairman of the influential Treasury select committee, after deciding against publishing the report last year.
In December, the FSA finally said it would seek to make the findings public and a report on the confidential inquiry into the near-collapse of RBS at the height of the financial crisis in 2008 was expected this month.
But it emerged at the weekend that publication was likely to be pushed back to April, potentially sparking renewed concern among politicians. The RBS rescue was one of the darkest moments of the financial crisis, leading to the taxpayer ending up with an 83 per cent stake in the bank.
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