RBS: Taxpayer should never have had to rescue us

Philip Hampton, chairman of Royal Bank of Scotland Group, has said UK taxpayers “should never have had to rescue” the bank.

The comments follow the publication of the Financial Services Authority report into the bank’s failure.

Hampton says: “The FSA are right to have given the British public its assessment of events and factors that led to RBS requiring government assistance.

“The FSA’s views are an important contribution to the debate on how banks should be managed and regulated in the future.”

Hampton says the bank was “learning the lessons of the past and working to regain the trust of the public”.

He adds: “Our new leadership has made significant progress in making the bank safer and more focused on the needs of its customers.

“RBS is carrying out an enormous restructuring and we are ahead of our targets. We are changing the business we do and the way we do it.”

The chairman says :”We acknowledge the work that has led to the FSA’s report. It charts a difficult period for RBS – we are now firmly focused on its future.”

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