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Leadership
RBS tweaks European Commission deal, shares rise
27.11.2009
Royal Bank of Scotland (RBS) has today announced a slight change to its restructuring plan as agreed with the European Commission under rules governing state aid given to banks.
RBS had originally agreed with the Commission that if its balance sheet fell short of the targeted level by 10pc or more by the end of December 2010 it would reduce it loan book by £60bn through further disposals of its assets or businesses
However, the lender today announced it had tweaked this arrangement with the Commission slightly so that it will reduce its loan book by £60bn if it falls short of its balance sheet target by £30bn or more.
The bank also announced that it had signed a provisional agreement yesterday to join the UK Government’s Asset Protection Scheme (APS) and to receive a further £26bn loan from the UK Treasury.
RBS shareholders will now have to approve the plan at the bank’s annual general meeting (AGM) on 15 December.
RBS shares suffered an almost 8pc drop in value yesterday as global investors were spooked by the announcement from Dubai World that it would be seeking a standstill on all its debts as it was unable to meet interest payments.
However, RBS shares rose 4pc in trading this morning as investors appeared buoyed by the bank’s signature of the APS deal.
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Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
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