The Treasury has agreed to publish a key agreement it signed with Royal Bank of Scotland (RBS) after it received pressure from MPs, amid allegations it had significant influence over the bank’s former restructuring unit, GRG, City A.M. reported.
After MP Martin Whitfield lodged parliamentary questions, the Treasury decided to publish the accession agreement it signed with RBS when the bank entered into the government’s Asset Protection Scheme (APS), which insured RBS’s loans during the 2008 financial crisis.
The government has said the APS, set up by an executive branch of the Treasury labelled the Asset Protection Agency (APA), was intended to maintain financial stability and protect taxpayers’ money.
According to City A.M., the APA has been subject to allegations that it exercised significant control over the GRG, which has been accused of being guilty of driving thousands of small businesses into financial turmoil.
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