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LONDON - The Royal Bank of Scotland PLC said Friday it has signed an access agreement to the British government's asset protection scheme on terms that will formally increase the government stake in the bank from 70 percent to 84 percent.
The terms of the deal were announced earlier this month.
Under the agreement, the government will buy 25.5 billion pounds ($42 billion) of "B" shares in RBS to strengthen the bank's capital stance. The government has also granted tax changes worth up to 11 billion pounds and set aside a further 8 billion pounds to support the bank if its position deteriorates badly.
The plan is designed to protect the bank in "extreme stress scenarios."
RBS said there has been progress at the bank since February amid an improvement in market conditions, and it projected that the risk of further losses was receding. But Britain remains in recession, and economists have warned that the road ahead remains rocky.
The agreement is subject to conditions including approval by the bank's shareholders and final approval by the European Commission.
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