Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, for what reasons he did not discuss the sale of the Government's shareholding in Royal Bank of Scotland (RBS) Group with RBS, NatWest Bank or Ulster Bank; and if he will make a statement.

The Government’s shareholding in Royal Bank of Scotland (RBS) is managed at arm’s length from HM Treasury by UK Financial Investments (UKFI). UKFI is responsible for managing the Government’s shareholding, as well as devising and executing any sales.

The management of RBS Group is responsible for the commercial operation of its banks, rather than the administration of the Government’s shareholding or any of its potential disposal options.