Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the sale of the Government's stake in Royal Bank of Scotland on (a) customers of Ulster Bank and (b) other customers.

Royal Bank of Scotland (RBS) is a commercial company, in which the Government is a currently a shareholder. The Government’s shareholdings are managed on an arm’s length basis by UK Financial Investments (UKFI). However, UKFI’s role is to manage the shareholdings, not to manage the bank.

Irrespective of shareholder makeup, and in common with all UK banks, RBS is subject to the Financial Conduct Authority’s Banking Conduct Regime, which covers the treatment of customers, including the customers of Ulster Bank. RBS is required to fully comply with this regime going forward.