Note that the taxpayer owns 82% of RBS and our stake is worth around £22.8 billion (a loss of £22.4 billion).
However, RBS has a market cap of just £15 billion, because most of the taxpayer's stake is held in special preference shares, not ordinary shares.
This explains the odd discrepancy between the value of UKFI's 82% stake and the current market value of RBS.
Cliff
