The Treasury argues that these prices are artificially depressed because of illiquidity, though more pessimistic types suspect that they merely reflect future losses.

但财政部表示，由于缺乏流动性，如今的市场定价令人沮丧。虽然更多的持悲观意见者怀疑该方案不过是反应了预期信贷损失。

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The interesting question is whether other European governments will take any heed of this, as and when the Treasury argues that RBS is stronger than it looks.

BBC: If RBS needs capital, taxpayers will suffer

But the Scottish government argues that the flow of resources is from Scotland to the London Treasury, not the other way round.

BBC: Funding rules 'unfair to England'