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Royal Bank of Scotland confirms deal to escape toxic asset scheme

The Royal Bank of Scotland has today confirmed a three-way agreement between the UK government, the company and the EU commission with regards to the Royal Bank of Scotland's participation in the asset protection scheme. This comes only hours after the EU commission effectively rewrote the UK government's initial agreement and confirmed that Royal Bank of Scotland would need to take on a "first loss" obligation of £60 billion. It is anticipated that the company will be leaving the scheme within a year and will pay no further fees to the UK government.

This would appear to be stage one in the refinancing of Royal Bank of Scotland which, along with Lloyds bank, has become embroiled in a bitter dispute as they both attempt to escape the clutches of the asset protection scheme. While the scheme will cost the companies billions of pounds to exit, many believe this is the only way forward if the groups are to take control of their future.

As we mentioned in our post yesterday, the EU commission is becoming more and more active on European financial issues, much to the disdain of those in the UK and many other European countries.

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