Royal Bank of Scotland

Huw Merriman Excerpts

Thursday 11th June 2015 Commons Chamber

[Harriett Baldwin]

I have just been informed by my hon. Friend the Member for Croydon Central (Gavin Barwell) that the hon. Member for Cardiff West (Kevin Brennan) still owes him a fiver, which he lent him last week.

[Huw Merriman (Bexhill and Battle) (Con)]

Having spent the last seven years working on the Lehman Brothers unwind and repaying creditors in full, I pay tribute to the thousands of RBS staff across the nation, including those at Cotton Street, Bolsover, for returning the bank to health. Will the Minister confirm that selling the initial stake will make it much easier and more efficient to sell the remainder of the stake?

[Harriett Baldwin]

I welcome my hon. Friend, who has a wealth of experience in insolvency practice that he has clearly put to good use in his first question. Rothschild and the Bank of England Governor have said that one of the challenges facing this stake is the illiquidity of the float—the stock is not liquid enough to be in any of the major indices, for example—so there are liquidity benefits and potential price benefits from putting an initial float in the private sector.