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That is because the 407p valuation is thought to include too low a valuation for something called the "dividend access share", which gives the government enhanced dividends compared with other shareholders and needs to be bought out by RBS prior to privatisation.
BBC: RBS can be privatised within a year, says the bank's chairman - BBC News
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One highly sensitive and contentious political and investment question is whether the prospects for taxpayers getting all their money back would be enhanced if the government took permanent ownership of RBS's residual stinky assets, ran them down over the next decade, and only privatised a completely cleaned up bank next year (see here for more on this).
BBC: Business
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As I announced this week, we've taken a whole range of steps to improve aviation screening and security since Christmas, including new rules for how we handle visas within the government and enhanced screening for passengers flying from, or through, certain countries.
WHITEHOUSE: Security Review on Attempted Terrorist Attack