Bank bailout shows losses in Britain

LONDON, July 13 (UPI) -- The British government admitted Monday that the taxpayer investment in two of the country's largest banks had lost $17.51 billion.

From its bailout efforts, the British government owns 70 percent of the Royal Bank of Scotland and 43 percent of Lloyds Banking Group, The Times of London reported Monday.

However, the UK Financial Instruments, an ad hoc committee designed to monitor the government's investment, said Monday, "our own task of returning these investments to the private sector is challenging."

Each household in Britain has nearly $5,000 invested in the bailout of the country's banks, The Times said.

"The amounts involved are very large, and a successful disposal of our holdings will require professionalism and patience," The UKFI said.

On paper, the government has lost about $7.6 billion in its investment in the RBS and about $10 billion in its investment in Lloyds.

"Our role as shareholder is nevertheless to ensure that the banks have sound long-term strategies, and that they are effectively managed and properly governed," said UKFI Chairman Glen Moreno.