Reuters reports that Mervyn King - making his strongest criticisms to date on how RBS is run just weeks before the Bank takes on new powers to oversee banks - said it was 'nonsense' that the government did not have more direct control over RBS which was bailed out with taxpayers' money.
'The whole idea of a bank being 82% owned by the taxpayer, run at arms' length from the government, is a nonsense. It cannot make any sense', King told a parliamentary committee.
King said that the arguments for restructuring RBS 'sooner rather than later are powerful ones'.
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