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Summary Stephen Hester said the development was a significant milestone in the bank's recovery.
Royal Bank of Scotland, which was rescued in Britains biggest bank bailout, says it is getting out of an emergency insurance program which helped stabilize the company after it nearly collapsed.RBS said Wednesday that it has agreed with the government that it will leave the Asset Protection Scheme, in which the bank paid 2.5 billion pounds ($4 billion) to insure against losses on 282 billion pounds of bad loans and other risky assets.Chief Executive Stephen Hester said the development was a significant milestone in the banks recovery.British taxpayers hold an 82 percent stake in RBS, whose shares closed Tuesday at 280 pence. The break-even price on that stake is above 500 pence.
