By Mark Kleinman, City Editor
The Treasury has begun the search for advisers to map out the future structure of Royal Bank of Scotland (RBS) as it wrestles with a break-up that could delay a mass share sale for years.
Sky News understands that Treasury officials issued a tender document in recent days to recruit an investment bank to assist with a quick-fire review that will play a crucial role in determining the timetable for reprivatising RBS.
The review follows George Osborne's announcement in his Mansion House speech last week that an investigation of whether a 'bad bank' should be established to house RBS's toxic assets would report back by the autumn.
The idea has faced hostility from City shareholders in the bank, which is 81%-owned by British taxpayers, who believe it would prove chaotic and delay the point at which the Treasury would be able to start selling its RBS shareholding.
"We will only sell our stake in RBS when we feel the bank is fully able to support our economy and when we get good value for the taxpayer," Mr Osborne said.
"There's no doubt that, despite all the progress of recent years, RBS remains weighed down by too many poor assets - loans issued in the boom that have gone bad and may take a long time to improve.
"The question is - do we remove those poor assets from RBS, and set up what's known as a Bad Bank?
"This would then enable RBS to focus on the good parts of its business – supporting the British economy and maximising the benefits for the taxpayer.
"Opinion is divided – some say the disruption isn't worth it; others that it's the only way we'll really restore our banking system to health."
The Chancellor said the review would examine a "broad range" of RBS's assets, but with a focus on Ulster Bank, its troubled Irish subsidiary, and its UK commercial real estate holdings.
"We will establish a Bad Bank if it meets our three objectives. If it supports the British economy; if it's in the interests of taxpayers - and if it accelerates the return to private ownership. But if the review reveals that it would not achieve these things, then we won't do it," Mr Osborne added.
UK Financial Investments, the agency which manages taxpayers' stakes in RBS and Lloyds Banking Group, has also kicked off a search for banking advisers as the Chancellor mulls his options for selling the state's 39% stake in Lloyds.
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