NATWEST GROUP (NWG)

Sector:

Banking

Index:

FTSE 100

265.50p
   
  • Change Today:
      2.70p
  • 52 Week High: 275.80
  • 52 Week Low: 176.15
  • Currency: UK Pounds
  • Shares Issued: 8,890m
  • Volume: 18,727,676
  • Market Cap: £23,603m
  • RiskGrade: 62

RBS faces backlash for pursuit of govt-guaranteed loans

By Caoimhe Toman

Date: Monday 01 Apr 2019

LONDON (ShareCast) - (Sharecast News) - Royal Bank of Scotland is facing criticism for pursuing the owners of small and medium-sized companies for debts that have already been settled by the government in a taxpayer-backed loan scheme.
The parliamentary group on fair business banking said it would report its concerns regarding the bank\'s treatment of small and medium businesses that used the Enterprise Finance Guarantee scheme to the Treasury.

The program was set up to help banks support small businesses and grant them loans, offering to make up 75% of their value if they were unaccounted for. Over a decade, the scheme underwrote around £3.25bn of credit to tens of thousands of small companies.

According to the report, RBS misled some owners of businesses and told them they were liable for 25% of the loan and that the state would cover the rest. Back in 2015, it paid back £4.7m wrongfully claimed from the government and £3.5m to customers to whom it deemed it had mis-sold loans.

Several small business owners told The Times they feared bankruptcy after RBS ordered repayment of debts that had allegedly already been settled with the government and for which they were unaware they were personally liable for.

Borrowers reported they were being pursued through the courts for debts from state-backed loans written as long as a decade ago even after claiming on government guarantee and saying they had been misled by RBS.

RBS said it was seeking repayment only in those instances in which it believed it had not mis-sold loans and that it was following a normal recovery process.

The lender can still claim the money as long as it returns the relevant portion to the state.

Kevin Hollinrake, co-chairman of the parliamentary group, said: \"It is extremely concerning to learn that the bank is pursuing people for debts the government may have covered, on loans borrowers say they were misled over.\"

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

RBS Market Data

Currency UK Pounds
Share Price 265.50p
Change Today 2.70p
% Change 1.03 %
52 Week High 275.80
52 Week Low 176.15
Volume 18,727,676
Shares Issued 8,890m
Market Cap £23,603m
RiskGrade 62

RBS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
89.42% above the market average89.42% above the market average89.42% above the market average89.42% above the market average89.42% above the market average
5.88% below the sector average5.88% below the sector average5.88% below the sector average5.88% below the sector average5.88% below the sector average
Price Trend
61.49% above the market average61.49% above the market average61.49% above the market average61.49% above the market average61.49% above the market average
17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average
Income
94.20% above the market average94.20% above the market average94.20% above the market average94.20% above the market average94.20% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Growth
64.00% above the market average64.00% above the market average64.00% above the market average64.00% above the market average64.00% above the market average
5.88% above the sector average5.88% above the sector average5.88% above the sector average5.88% above the sector average5.88% above the sector average

What The Brokers Say

Strong Buy 5
Buy 6
Neutral 2
Sell 2
Strong Sell 1
Total 16
buy
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RBS Dividends

  Latest Previous
  Final Interim
Ex-Div 14-Mar-24 10-Aug-23
Paid 29-Apr-24 15-Sep-23
Amount 11.50p 5.50p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 10,212,245 @ 265.50p
16:35 1,608 @ 265.50p
16:35 9,634 @ 265.50p
16:35 18,188 @ 265.50p
16:35 9,499 @ 265.50p

RBS Key Personnel

Chair Howard Davies
CEO Paul Thwaite

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