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Those leaving school this summer to study economics at university will see the bailout of Royal Bank of Scotland as a piece of history.

They were in nappies when it happened. And today, in a way, history is what it becomes. The UK government is a shareholder no more.

The tranches of shares have been sold off at far less than they cost, from an 84% stake owned by the UK government down to zero.

But those looking to turn a profit on an investment are forgetting that is not what this was.

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Johnathan DoeCoin

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