UKFI has "no fixed timetable"

UK Financial Investments (UKFI), the company set up by the government to manage its stake in RBS and Lloyds, has ’no fixed timetable’ to re-privatise the banks.

The firm made the claim as it released its first annual report and strategy for returning the institutions to the market.

Despite the lack of a defined timetable, UKFI said that ’it expects to undertake a number of capital markets transactions over a sustained period’, although it said that its task would be ’challenging’.

’Every UK household will have more than £3,000 invested in shares in RBS and Lloyds,’ said chief executive John Kingman.

’Today UKFI is setting out our strategy to deliver on the tasks we have been given: maximising the value of these investments for the taxpayer, and returning the banks as strengthened institutions to full private ownership over time.’

The report also revealed that UKFI is currently sitting on paper losses of £10.9 billion, a smaller figure than the £18.1 billion registered in February.
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