RBS Welcomes UK Financial Support Package

RBS Welcomes UK Financial Support Package
19 January 2009
Commenting on the package of measures announced by the UK Government, Bank of England and Financial Services Authority this morning in support of the financial system, RBS Chief Executive, Stephen Hester said:

“A range of measures have been announced that fall broadly into support for bank asset quality, support for funding and traded asset pricing and clarification of capital requirements. Clearly there are important details yet to be worked out, especially relating to the proposed asset insurance scheme which if done well could be a powerful tool to help banks and in turn secure expanded bank lending support for the economy.

“Overall the package is both wide ranging and, prospectively, supportive and well-targeted. The authorities have listened to market needs and responded. We fully understand the role banks need to play in return, in providing support for our customers, and will be doing just that”.

Chairman Designate of RBS, Sir Philip Hampton, added:

“Around the world, the gravity of the economic threat is causing governments and banks to work together as never before. This is appropriate given the interdependencies of modern economies. I welcome the measures announced in the UK today. Their effectiveness will depend crucially on details to come but I believe the direction is right”.

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