Advice to the Chancellor on the sale of RBS shares

The request was partially successful.

Michael Richards

Dear UK Financial Investments Limited,

This is a request under the Freedom of Information Act 2000.

I understand that UKFI on 3 August 2015 advised the Chancellor of the Exchequer it would be appropriate to conduct the first sale of the government’s shareholding in the Royal Bank of Scotland. At the time of the advice, I understand that the RBS share price was 342.20 pence. I believe that the government ultimately sold on 4 August 2015 a 5.4% stake in RBS at a share price of 330p.

I note with interest that RBS' share price was 403.90 pence on 24 February 2015. Please could you tell me what advice UKFI gave to the Chancellor in February 2015 when the RBS shares were trading at that level? What discussions were held at UKFI board level in relation to the appropriateness of selling the RBS shares in February 2015 or August 2015?

Also has UKFI ruled out the possibility of RBS' share price returning to February 2015 levels in future?

Has UKFI advised the Chancellor to sell but the Chancellor has rejected the advice?

Finally, what investigations have been carried out within UKFI as regards the decision not to sell any RBS shares in February 2015 when the share price was above £4?

Yours faithfully,

Michael Richards

Dear UK Financial Investments Limited,

I sent you a FOIA request on 6 August 2015 but you still haven't responded. May I please now have your response?

Yours faithfully,

Michael Richards

Dear UK Financial Investments Limited,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of UK Financial Investments Limited's handling of my Freedom of Information Act request 'Advice to the Chancellor on the sale of RBS shares'.

I sent the FOIA request to you on 6 August 2015 and expected to receive a reply promptly and within 20 working days. It is now 12 October 2015 and I am finding the delay to be unacceptable.

A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.whatdotheyknow.com/request/a...

I look forward to hearing from you.

Yours faithfully,

Michael Richards

Enquiries, UK Financial Investments Limited

1 Attachment

Dear Mr Richards,

Please find attached a response to your enquiry.

Yours sincerely,

UKFI Enquiry Unit

UK Financial Investments Ltd           
100 Parliament Street, London SW1A 2BQ

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