LONDON – Plans to create an internal 'bad bank' at Royal Bank of Scotland will make it easier to sell off the government's stake, British Finance Minister George Osborne said on Friday.
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"I think it does make it easier to sell off the bank and get our money back," Osborne said on BBC radio. He added that a selloff was unlikely to begin before the next election in 2015.
RBS , which is 81 percent-owned by the government, said on Friday it would hive off 38 billion pounds ($61 billion) of loans into a bad bank to free up capital for extra lending to the British economy.
(Reporting by William James; Editing by Steve Slater)