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RBS spent £2.2billion on new high street branches that will NEVER open...

Started by David Icke Bot, Jan 15, 2018, 04:28:06 AM

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David Icke Bot



The Daily Mail


How RBS spent £2.2billion on new high street branches that will NEVER open... and guess what? YOU'RE picking up the bill
http://www.dailymail.co.uk/news/article-5266905/RBS-wrote-2BILLION-YOURE-picking-bill.html




'RBS wasted at least £1.5 billion of taxpayers' cash creating hundreds of branches of a new high street bank which will never open.

The debacle – costing in total £2.2 billion – is the latest farcical chapter in the saga of RBS, 70 per cent of which is now owned by the Government.

It had to be rescued from bankruptcy in a state bailout ten years ago after the disastrous mismanagement of chief executive Fred Goodwin, who was later stripped of his knighthood.

The scheme to create the branches of a bank called Williams & Glyn was concocted to comply with European Commission rules.

The commission approved a £50 billion Government bailout in 2008, but retrospectively ruled that RBS had to divest all of its branches in England and Wales.

RBS began moves to sell the 315 branches, and in 2014 resurrected the brand of Williams & Glyn – a bank it took over more than 30 years ago – to take them on.

Newly designed staff uniforms were ordered, and branches were kitted out with fresh signs and even special wallpaper. Thousands of IT workers were also employed to create the complex computer system required for a new bank.

But in 2016, RBS decided the project was impossible. It claimed the new bank would not survive in the current market and blamed complications in the IT system. However, just months earlier, shareholders had been told that the project had been making 'good progress'.'

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