Asked a question on Stephen Hester stepping down as the chief executive of the Royal Bank of Scotland (RBS), the PMS said the Prime Minister entirely agreed with what the Chancellor had said on the matter, RBS was moving on from a rescue phase. Asked a question on finding a replacement for Mr Hester, the PMS said there would be a process which the RBS board would rightly lead on. Asked about the Chancellor's involvement, the PMS said it was expected that a company board would engage with shareholders regarding future strategic planning and, through UK Financial Investments (UKFI), the government was a major shareholder of RBS. He said that the RBS board and Stephen Hester had explained that RBS was seeking a chief executive to lead the bank through the return to private ownership and beyond. Asked if there was a timetable for the reprivatisation of RBS, the PMS said there was no timetable and he pointed out that what counted was doing the right thing for the economy and taxpayers.