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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
RBS becomes the people's bank
The Royal Bank of Scotland (RBS) today announced that only 0.24% of the shares it was offering to existing shareholders had been taken up, and that as a result HM Treasury will be taking the balance, leaving it with 57.9% of the enlarged share capital.
The low level of take up was expected, as the shares were latterly trading at 55p compared to the offer price of 65p. In fact it is surprising that anyone took up the offer as they could have bought shares in the open market for less.
The government, which will own 22,853,798,818 shares, will be paying out just under £15 bn for the privelige. In addition they will also be buying £5 bn worth of preference shares.
Presumably as part of the package, RBS, and Natwest which it owns, announced last week that they would be guaranteeing overdraft rates and facilities to business for at least the next year.
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- AIFA: Prudential Requirements lack justification
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- FSA tells lenders to treat customers in arrears fairly, or else
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- CML helping lenders to meet FSA expectations on arrears handling
- House prices down over 10 per cent