A survey of 200 leading fund managers by Capital Spreads found that 71pc said they would not buy RBS shares even if they reached this level. The gloomy outlook was continued with the finding that nearly half of the investors thought the state would not begin selling its shares in RBS and Lloyds Banking Group for at least two years. Simon Denham, chief executive of Capital Spreads, said the results of the survey showed City investors regarded the taxpayer\'s 82pc stake in RBS as a \"dud investment.\" \"The current regulatory and legislative environment for banks poses the question whether the government will ever deliver a climate whereby a return on the public\'s investment is possible. Even if we see the share price return to break even there clearly isn\'t going to be a mad rush of buyers,\" he said. The authorities spent £45.5bn to rescue RBS in late 2008. However, at the bank\'s current share price of 28.63p, the taxpayer\'s stake is worth around £14bn.