A piece is missing. RBS creditors were not "bailed-in" by having their debt converted to equity. Instead, they were offered guarantees (functionally, though n

A piece is missing. RBS creditors were not "bailed-in" by having their debt converted to equity. Instead, they were offered guarantees (functionally, though not in name). RBS was a classic bail out. Creditors were fully protected, and shareholders retained a substantial interest in the surviving entity (in this case 20%). [1] https://www.theguardian.com/business/2010/aug/06/royal-bank-of-scotland-profits-analysis https://www.theguardian.com/business/2010/aug/06/royal-bank-...