Royal Bank of Scotland's £45.5 billion bailout

Royal Bank of Scotland had expanded aggressively in the years before the crisis, most notably through its role in the 2007 consortium takeover of Dutch bank ABN AMRO, a deal that loaded RBS with assets that quickly turned toxic once credit markets seized up. RBS shares lost 87% of their value during 2008, and on October 7, 2008, the bank's chairman told the UK chancellor it would run out of money that same afternoon without emergency support, prompting the Bank of England to arrange emergency loans. On October 13, 2008, RBS received an initial £20 billion capital injection from the government in exchange for 57.9% of its shares, part of a combined £37 billion rescue package covering RBS, Lloyds and HBOS. Further losses pushed the government's stake to 70% in January 2009 and then to 84% after a second £25.5 billion injection that November. Total taxpayer support for RBS reached £45.5 billion, the costliest bank bailout of the crisis anywhere in the world, and the government did not fully exit its shareholding until years later.