LONDON, Jan. 19 (UPI) -- The Royal Bank of Scotland said Monday a year's loss of $41 billion would prompt the British government to increase its stake in the bank to 70 percent.
Prime Minister Gordon Brown said he was "angry about what happened at the Royal Bank of Scotland," which purchased Dutch bank ABN Amro last year, accounting for $29 billion of the year's losses.
He called the bank's decision "irresponsible," The Times of London reported Monday.
The Dutch bank had a sizable exposure to the U.S. subprime mortgage market.
"I think people have a right to be angry that these write-offs … were caused by decisions that were made about international investments that were clearly wrong investments," Brown said.
The government has already extended $29 billion in bailout funds to the RBS and owns 58 percent of the bank.
Brown said increased funding did not amount to a "blank check" for banks, stressing there would be "legally binding" terms attached to the bailout, The Times said.
