UKFI’s activities in relation to the management of the Wholly-Owned Investments are set out in the UKFI Framework Document - Revised October 2014 Version
and UKFI Investment Mandate - Revised October 2014 Version
The ‘Wholly Owned’ investments comprised Northern Rock plc and UK Asset Resolution Ltd (UKAR), until the sale of Northern Rock plc to Virgin Money on 1 January 2012. UKAR was formed during 2010 to integrate the activities of NRAM plc and Bradford & Bingley plc. UKFI managed the Government’s 100% shareholding in Northern Rock plc from its formation on 1 January 2010 until its sale.
Government investments as of 1 April 2014 comprise
- £14.9bn of loans in NRAM;
- £5bn of Working Capital Facility (WCF) in Bradford & Bingley plc with an additional £18.4 billion statutory debt comprising £15.7 billion owed to the Financial Services Compensation Scheme (FSCS) (via a loan from HM Treasury) and £2.7 billion owed directly to HM Treasury, reflecting the value of the retail deposits which were transferred to Abbey National plc.
23rd June 2015
Statement re: RBS Annual General Meeting
UKFI has lodged votes in favour of all resolutions on which it was eligible to vote at the bank’s Annual General Meeting on 23 June.
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23rd June 2015
UKFI Publishes Annual Report and Accounts
The publication provides an overview of UKFI's activities during the 2014/15 financial year in managing the taxpayer's shareholdings in Lloyds Banking Group plc, the Royal Bank of Scotland Group plc and UK Asset Resolution Ltd.
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