Tag: UKFI

Lloyds chief set for bigger bonus

Lloyds chief set for bigger bonus

Lloyds Banking Group has announced plans to award its chief executive, Eric Daniels, £2.85 million in shares. However, the share incentive only comes to fruition if stock in the state-owned bank goes above the 114p mark in the next three years. The award is in addition to his £1 million salary and the maximum £2.3 [...]

March 28, 2010 | 0 Comments More
‘Bad banks’ of Rock and B&B to merge

‘Bad banks’ of Rock and B&B to merge

It has been announced today the ‘bad banks‘ of Northern Rock (NRAM) and Bradford and Bingley (B&B) are set to merge. The move is designed to cut costs and bring greater returns for the taxpayer. The UK Financial Investments (UKFI), the body which was set up at the height of the financial crisis to oversee [...]

March 24, 2010 | 0 Comments More
RBS posts £3.6bn annual loss

RBS posts £3.6bn annual loss

Royal Bank of Scotland (RBS), which is 84% state-owned, has today posted a full-year loss of £3.6 billion. RBS is the second major UK bank to report its 2009 results. Last week, Barclays announced record profits of more than £11 billion - a 92% rise on the previous year. However, RBS’ loss is not as [...]

February 25, 2010 | 0 Comments More
Government approves £1.3bn RBS bonuses

Government approves £1.3bn RBS bonuses

The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers. The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions [...]

February 24, 2010 | 0 Comments More
New chief executive for UKFI

New chief executive for UKFI

The UK Financial Investments Ltd (UKFI), the body which was set up a year ago to oversee taxpayers’ interests in High Street banks, has announced it has a new chief executive. A senior investment banker at UBS, Robin Budenberg, is to replace John Kingman, who is set to join NM Rothschild. Mr Budenberg was heavily [...]

October 28, 2009 | 0 Comments More
Lloyds reconsiders participation in Asset Protection Scheme

Lloyds reconsiders participation in Asset Protection Scheme

Lloyds Banking Group is in discussions with the Government with regard to its participation in the Asset Protection Scheme (which insures against losses arising from toxic assets). The banking giant, which is 43% owned by the taxpayer, enrolled in the scheme in March and planned to put £260 billion of loans and investments into the [...]

September 18, 2009 | 0 Comments More
UKFI admits selling stakes in nationalised banks will be “challenging”

UKFI admits selling stakes in nationalised banks will be “challenging”

UK Financial Investments (UKFI), the body set up to manage taxpayers’ interests in rescued banks, has today admitted that returning investments to the private sector will be “challenging”. According to the body, each household in the country has over £3,000 invested in Lloyds Banking Group and Royal Bank of Scotland (RBS), which are 43% and [...]

July 13, 2009 | 0 Comments More
Potential investors being sought to buy bank stakes

Potential investors being sought to buy bank stakes

It has been reported that the Government is in talks to sell off its stakes in part-nationalised banks: Lloyds Banking Group and Royal Bank of Scotland (RBS). UK Financial Investments Ltd (UKFI), which was established to oversee taxpayer’s interest in UK banks, is believed to be sounding out investors abroad. However, a speedy sale is [...]

May 19, 2009 | 0 Comments More
Lloyds staff set to receive £80m bonus

Lloyds staff set to receive £80m bonus

Staff at Lloyds Banking Group are in line for an £80 million cash bonus in spite of the taxpayer stake increasing from 43% to 65% after it signed up to the Government’s Asset Protection Scheme over the weekend. The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at [...]

March 9, 2009 | 0 Comments More
Former RBS chief pension under scrutiny

Former RBS chief pension under scrutiny

Former Royal Bank of Scotland (RBS) chief Sir Fred Goodwin’s pension package is being criticised by the organisation which was set up to oversee taxpayer’s interest in UK banks. John Kingman of the UK Financial Investments (UKFI) said Sir Fred could have been paid off for much less than the £630,000 annual pension that he [...]

March 3, 2009 | 0 Comments More
Lloyds to review bonuses before participating in Government’s Asset Protection Scheme

Lloyds to review bonuses before participating in Government’s Asset Protection Scheme

March 2, 2009 | 0 Comments More
UKFI to manage Government’s investments in High Street banks

UKFI to manage Government’s investments in High Street banks

A new company called UK Financial Investments Ltd (UKFI) is to oversee the Government’s shareholdings in the three High Street banks it rescued last month. It was announced recently that the UK Government is to pump £37 billion into three of the country’s largest banks. £20 billion is to be injected into Royal Bank of [...]

November 4, 2008 | 0 Comments More