The Government paid £45.5 billion for an 84 per cent stake in the stricken lender at the height of the financial crisis. A final taxpayer exit has been delayed until at least 2026.
Taxpayers are already on the hook for more than £33 billion, according to the latest estimates by the Office for Budget Responsibility, the independent watchdog. But the bill is on track to be even higher.
Alison Rose and her fellow fatcats who have cashed in WINNER: THE BOSSESThe five bosses who have led NatWest since its rescue have taken home almost £54million between them. He pocketed this much despite turning down two bonus payments after pressure from politicians and a debacle with the lender's computer systems.
Cable said there was 'no real alternative to temporary nationalisation' at the time. But the then-Labour Government 'arguably could have got a better price' if it had not been 'in a hurry' to save the bank, which was then known as Royal Bank of Scotland, he added. Taxpayers have also had to pick up their share of the tab for a series of misconduct fines totalling more than £700 million since 2010. These included £217 million in 2014 for manipulating the foreign exchange markets on top of a £87.5 million penalty a year earlier for rigging interest rate benchmarks.
Ian Fraser, author of a book on RBS, said: 'It was largely thanks to Goodwin's reckless, incompetent and hubristic leadership that the bank came within hours of meltdown. 'I am inheriting a very different NatWest compared to my predecessor, one that is more customer focused, financially resilient and well positioned to maintain its recent strong performance,' said Rick Haythornthwaite, who replaces Sir Howard Davies as chairman next year.
They were offered 82p a share in compensation, but were not paid until last year. Goodwin and his co-accused denied misleading shareholders over the rights issue. Andrew Bailey, the Bank of England governor who was the FCA's boss at the time, said he appreciated that many GRG customers would be 'frustrated' by its decision.'We expect high standards from the firms we regulate and RBS fell well short in its treatment of GRG customers.' Beancounters scoop over half a billion after rescueAuditors have scooped more than half a billion pounds just for checking NatWest's books since the bank was bailed out.
WINNER: AUDITORS Under European Commission rules, it was forced to make disposals, including of insurer Direct Line and payments group Worldpay, as a condition for receiving UK taxpayer support.As a result, the bank shrank considerably in size. Last year it had £723 billion in assets – less than a third of its peak level.
The Mail on Sunday raised concerns about the group at the time, but no one was prepared to carry out a probe.When Alison Rose, soon to be garlanded as a Dame, discarded the tarnished title of Royal Bank of Scotland and reverted to NatWest in July 2020 it finally looked like a new start. Rose sought to obliterate Goodwin's grandiose legacy by turning the HQ into a food bank in the aftermath of Covid.
None of Britain's banks have covered themselves in glory since the financial crisis. Allegations of former Barclays boss Jess Staley's close relationship with convicted sex offender Jeffrey Epstein are a terrible stain on its reputation and the handling of the issues by the bank's board.
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