Credit crunch, 10 years on: fate of RBS shows global crisis is not over

As RBS remains in the red, in the third part of our series financial experts ask whether enough has been done to prevent a repeat of the global crash

Ten years ago, Royal Bank of Scotland was battling with Barclays to take over a Dutch rival, ABN Amro. RBS eventually slapped £49bn on the table and won. It was to be a transformational deal, and it certainly was – but not in any way that the boss of RBS at the time, Sir Fred Goodwin, had ever planned. Today, the Edinburgh-based bank is still displaying the damage caused by doing that deal. Still 71% owned by the taxpayer after a bailout in October 2008, the bank will once again sink to a big loss by the end of the year – its 10th consecutive year in the red.

The story of RBS shows that, even now, the global financial crisis is having a profound impact. But it also raises another issue: has enough been done to prevent a repeat of the horrors of a decade ago, which began in August 2007?

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