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Written question asked by Guto Bebb (Conservative) on Wednesday, 1 July 2015, in the House of Commons. It was due for an answer on Monday, 6 July 2015. It was answered by Harriett Baldwin (Conservative) on Tuesday, 7 July 2015 on behalf of the Treasury.

Royal Bank of Scotland

Question

To ask Mr Chancellor of the Exchequer, what provision his Department has made in the sales prospectus for RBS shares for the cost of litigation (a) that has commenced and (b) that complainants have given notice of their plans to commence in respect of interest rate swap mis-selling.

Answer

As detailed by the Chancellor in his speech to the Mansion House, the Government has decided to begin a sale of its shares in Royal Bank of Scotland (RBS).

The Government’s shareholding in RBS is managed at arm’s length from HM Treasury by UK Financial Investments (UKFI). UKFI will be responsible for the design and execution of any future sale.

Provision for the potential impact of regulatory fines or penalties is regularly published by RBS as part of the bank’s accounts process. This information is available to any prospective investor.

Secondary information

Type
Written question
Reference
5085
Session
2015-16
Grouped for answer
Yes
Subjects
Misrepresentation Profit sharing Sales Royal Bank of Scotland Interest rate hedging products
Link
View this Written question on www.parliament.uk