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RBS bail-out plan is approved
Shareholders in Royal Bank of Scotland approved a £20 billion bail-out plan which could put nearly 60% of the company in public hands.
At a general meeting of the RBS Group in Edinburgh, shareholders voted 99.28% in favour of the proposal, which will see the bank offer £15 billion in new ordinary shares, with the Government promising to buy up any remaining.
The Government has also committed to buying £5 billion in preference shares which RBS will buy back in time. Royal Bank of Scotland - one of the worst hit by the banking turmoil - is bolstering its finances by offering the shares.
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