UK government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure loans which were agreed with foreign entities.
The massive document which details the RBS participation in the scheme also confirms that the UK government has the power to "parachute in" experts if it believes that the loans in question are not being managed correctly. Nobody quite expected the amount of detail which has been published and indeed there will be some embarrassment to those involved in the loans in question.
The Royal Bank of Scotland's entry to the scheme is funded by the UK taxpayer and will see the government's share stake in the business increase from 70% to 84%. It is also believed that the UK government has obtained the authority to block any staff bonus payments from Royal Bank of Scotland although whether this particular power will be used in the short to medium term is open to debate.
Share this..
Related stories
Mortgage Rate Cuts Welcomed - Again!
News that more mortgage rates have been cut across the sector has been welcomed - again - by the consumer but are first time buyers really getting value for money? Are they really benefitting by as much as the mortgage providers would have you believe?
The latest companies to cut rates are Alliance and Leicester where their tracker mortgage rate has been trimmed by 0.55% to 6.19% on...
'Switch providers to save on loan repayments'
Borrowers can make significant savings by changing their loan provider halfway through the repayment period, it has been claimed. According to research conducted by price comparison site uSwitch.com, the average consumer with a loan of £8,000 could save £180 by swapping for a best buy deal. However, despite the savings to be made many borrowers are reluctant to change provider, with 2.5 million...
Read MoreMoney is the biggest worry for 3.4 million Brits
Research from Alliance and Leicester into financial attitudes in the UK has revealed that for 3.4 million British people, money is the biggest concern in their life, with nearly a fifth or 18 per cent worrying about money everyday.Unsurprisingly, some times of the year see money worries escalate - with half of those who worried about money said their concerns were triggered by the costs of Christm...
Read More74% of people unaware of extended ISA limit
04/03/2015 Research from Santander has shown that 74% of people in the UK are unaware of the new higher annual ISA allowance, which increased from £5,760 to £15,000 in July of last year. The study has shown that 37.4 million people are unaware of the annual, tax efficient savings allowance, which is fast approaching as the end of the tax year nears. The research also shows that 14 mill...
Read MoreThe Budget Statement 2014 – What to expect?
19/03/2014 As Chancellor George Osborne is preparing to make his budget statement at 12:30pm today, we have taken a look at some of the key points the chancellor might announce.
Economic growth to be upgraded
The Chancellor has been given a very different challenge to the one he’s faced in recent years, as the economy has started to recover, property prices are increasing, a...
Read More