Alistair Darling has defended Government plans to pump another £30 billion of public money into banks - insisting the taxpayer was getting a "better deal".
The sell-offs announced by Royal Bank of Scotland and Lloyds Banking Group represent almost 10% of the UK retail banking market up for grabs, the Treasury said.
Part-nationalised Lloyds Banking Group and Royal Bank of Scotland have had to agree to tough new rules on staff bonuses to secure the extra billions of Government support being pumped in.
The proposed break-up of Royal Bank of Scotland and Lloyds Banking Group follows years of financial turmoil. Here is a timeline of some of the key events: