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| Version 0 | Version 1 |
|---|---|
| Government starts RBS share sell-off | Government starts RBS share sell-off |
| (34 minutes later) | |
| The government has started to sell off its 78% stake in the Royal Bank of Scotland. | The government has started to sell off its 78% stake in the Royal Bank of Scotland. |
| UK Financial Investments, the body that holds the government's RBS stake, said it would offer about 600 million shares, representing 5.2% of the bank, to institutional investors. | |
| It is expected that the government will make a loss of £2bn sale. | |
| Chancellor George Osborne signalled the move in his annual Mansion House speech in June. | |
| The UK owns 78.3% of RBS after bailing it out with about £45.8bn of taxpayer cash in 2008. Its stake will fall to 73.2%. | |
| The government paid about 500p per share for its RBS stake. | |
| Shares in the bank closed on Monday at 337.6p, down 4.6p, valuing RBS at £39bn. |