The British taxpayer should end up with a 'very handsome return' from the bail-out and part-nationalisation of Royal Bank of Scotland and Lloyds, the former chief executive of Lloyds has said.
'We all believe that the taxpayer will get a very handsome return on that investment,' Lloyds' former chief executive Eric Daniels told Westminster's public accounts committee on Wednesday.
Britain acquired a stake of around 83% in RBS and a 40.6% holding in Lloyds while pumping some £66 billion (€76 billion) of taxpayers' money into the pair in 2008 and 2009 following huge losses at both during the credit crisis.
Britain hopes to eventually sell the state's RBS and Lloyds stakes, although authorities have said any such sale is unlikely before the Independent Commission on Banking - set up to probe reforms to the sector - publishes a final report in September.
