RBS in taxpayer's hands
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RBS in taxpayer's hands
Fri 28th Nov 2008
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RBS had offered out almost 30 billion shares in a bid to sure up their balance sheets, but investors bought up just 56 million of the above market-value stock – a 0.2 per cent share – leaving the government to buy out the remaining 22.9 billion shares.
Stephen Hester, chief executive officer of RBS, commented: "We regret that existing shareholders did not take up their pre-emptive rights but understand that market sentiment toward the banking sector made this uneconomic in the short term."
The shares made available by RBS were priced at 65.5 pence each, while the current market value for individual shares in the bank is just 55 pence, meaning the government made a loss of £3.1 billion on its first day of trading.
The Treasury recently admitted that the recently-nationalised bank Northern Rock is struggling to maintain a good mortgage lending record.
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