Clamour for sacrifices led to Halloween shock / EU keeps tight rein on bank penalties

Royal Bank of Scotland (RBS) and Lloyds Banking Group are to sell off hundreds of branches in another major shake-up of the UK banking industry. The sales have been demanded by the European Commission November 2009 to safeguard competition concerns after the two were bailed out by the UK government.

A May 2012 article in the FT said that Lloyds Banking Group and Royal Bank of Scotland should not count on securing softer bailout penalties, quoting Joaquín Almunia, the EU’s competition commissioner, as he expressed confidence the banks would meet Brussels deadlines for forced sell-offs.

ESO: Background information: RBS and Lloyds bow to Brussels http://www.europeansources.info/record/rbs-and-lloyds-bow-to-brussels/

BBC News, 3.11.09: Lloyds and RBS cut down to size http://news.bbc.co.uk/1/hi/business/8339371.stm

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