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Government sells RBS shares at £2bn loss

Government sells RBS shares at £2bn loss

Source: Mortgage Introducer

Th? g?v?rnm?nt has ??ld 7.7% ?f R???l B?nk of Scotland ?h?r?? ?t a l??? ?f ?v?r £2bn.

The ?h?r?? were sold ?t 271p ???h ?ft?r b??ng b?ught at ju?t over 500? ???h in 2008.

John M?D?nn?ll, ?h?d?w ?h?n??ll?r, said: “Th?r? ?? n? ???n?m?? ju?t?f???t??n for th?? ??ll-?ff ?f RBS ?h?r??.

“Th?r? should b? n? ??l?? ?f RBS ?h?r??, full-?t??. But b???u?? of th?? g?v?rnm?nt’? ?b??????n w?th privatisation, th? taxpayers wh? b??l?d out th? b?nk w?ll n?w ?n?ur ?n enormous l???.”

Th?? is the first RBS share ??ll-?ff since th? ?umm?r of 2015, wh?n former Ch?n??ll?r G??rg? O?b?rn? ??ld a tranche ?t a l??? of ?r?und £1bn.

It reduces the g?v?rnm?nt’? ?wn?r?h?? ?f the b?nk from 70.1% to 62.4%.

Tr???ur? m?n??t?r J?hn Glen ???d ?n th? BBC Today ?r?gr?mm? th?t ?t w?? an “unr??l??t?? assessment of futur? m?rk?t ??nd?t??n?” t? ?x???t t?x????r? t? ?r?f?t from the ?h?r??.

In M?? outgoing ?h??f financial officer Ew?n St?v?n??n cautioned against ??ll?ng off ?h?r?? ?t this time.

Th? ??l? process was m?n?g?d by Morgan St?nl??, Citigroup, G?ldm?n S??h? and JPMorgan.

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