Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what advice UKFI provided to his Department on when and how to complete a sale of Royal Bank of Scotland shares.

The Government has been consistently clear that its policy in respect of Royal Bank of Scotland (RBS) is to return the bank to the private sector in full. The advice received from Rothschilds and the Governor of the Bank of England relates specifically to the appropriate timing of an initial share sale.

UK Financial Investments (UKFI) is responsible for the execution of share sales, and advised the Chancellor in August 2015 that it would be appropriate to conduct the first sale of the Government’s shareholding in RBS. On 3 August 2015, UKFI sold approximately 5.4% of the bank via an accelerated bookbuilding process.