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You can find the current article at its original source at http://www.theguardian.com/business/2015/aug/03/royal-bank-of-scotland-from-bailout-to-sell-off-rbs
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| Version 0 | Version 1 |
|---|---|
| Royal Bank of Scotland: from bailout to sell-off | Royal Bank of Scotland: from bailout to sell-off |
| (35 minutes later) | |
| October 2007: RBS takes control of ABN Amro after a six month £48bn bid battle to take control of the Dutch bank | October 2007: RBS takes control of ABN Amro after a six month £48bn bid battle to take control of the Dutch bank |
| April 2008: A £12bn cash call on investors as RBS attempts to bolster capital as the credit crunch bites | April 2008: A £12bn cash call on investors as RBS attempts to bolster capital as the credit crunch bites |
| October 2008: Stephen Hester replaces Sir Fred Goodwin as chief executive during the beginning of a rescue exercise for RBS. The bailout takes three tranches and eventually amounts to £45bn | October 2008: Stephen Hester replaces Sir Fred Goodwin as chief executive during the beginning of a rescue exercise for RBS. The bailout takes three tranches and eventually amounts to £45bn |
| December 2008: government uses £15bn to buy shares at 655p | December 2008: government uses £15bn to buy shares at 655p |
| January 2009: RBS shares plunge to record low of 103p | January 2009: RBS shares plunge to record low of 103p |
| February 2009: RBS reports record £24bn loss for 2008 | February 2009: RBS reports record £24bn loss for 2008 |
| April 2009: £5bn used to buy shares at 318p | April 2009: £5bn used to buy shares at 318p |
| December 2009: £25bn used to buy shares at 500p as the Asset Protection Scheme, created to insure the bank’s riskiest assets, gets underway | December 2009: £25bn used to buy shares at 500p as the Asset Protection Scheme, created to insure the bank’s riskiest assets, gets underway |
| February 2010: RBS reports £3.6bn loss for 2009 and Hester warns the upcoming year will be a “year of hard slog” | February 2010: RBS reports £3.6bn loss for 2009 and Hester warns the upcoming year will be a “year of hard slog” |
| February 2011: Losses stand at £1.1bn for 2010 and speculation mounts that Qatar plans to buy large stakes in the bailed out banks | February 2011: Losses stand at £1.1bn for 2010 and speculation mounts that Qatar plans to buy large stakes in the bailed out banks |
| December 2011: A report into what went wrong at RBS points to “multiple poor decisions” but avoids pinning the blame on any single individual | December 2011: A report into what went wrong at RBS points to “multiple poor decisions” but avoids pinning the blame on any single individual |
| January 2012: Fred Goodwin stripped of the knighthood he received in June 2004. | January 2012: Fred Goodwin stripped of the knighthood he received in June 2004. |
| January 2012: Hester admits he has thought about quitting as he waives £1m bonus | January 2012: Hester admits he has thought about quitting as he waives £1m bonus |
| February 2012: RBS pleas to be treated as a commercial business as it reports £2bn loss for 2012 | |
| June 2012: The bank swaps 10 old shares for one new share - so the share price ‘rises’ from 20p to 200p overnight | June 2012: The bank swaps 10 old shares for one new share - so the share price ‘rises’ from 20p to 200p overnight |
| June 2012: An IT failure lasts for weeks and eventually leads to a £50m fine from the Financial Conduct Authority and the Bank of England | June 2012: An IT failure lasts for weeks and eventually leads to a £50m fine from the Financial Conduct Authority and the Bank of England |
| February 2013: RBS fined £390m for rigging Libor | February 2013: RBS fined £390m for rigging Libor |
| February 2013: RBS loss back above £5bn for 2012 but Hester says “the light at the end of the tunnel” toward privatisation is “coming much closer” | February 2013: RBS loss back above £5bn for 2012 but Hester says “the light at the end of the tunnel” toward privatisation is “coming much closer” |
| March 2013: Outgoing governor of the Bank of England Mervyn King calls for RBS to be split into a good and bad bank and describes the current structure as “nonsense” | March 2013: Outgoing governor of the Bank of England Mervyn King calls for RBS to be split into a good and bad bank and describes the current structure as “nonsense” |
| May 2013: International Monetary Fund calls on the government to devise a clear strategy for the bailed out banks | May 2013: International Monetary Fund calls on the government to devise a clear strategy for the bailed out banks |
| June 2013: Hester quits to facilitate privatisation | June 2013: Hester quits to facilitate privatisation |
| August 2013: Ross McEwan named as Hester’s successor | August 2013: Ross McEwan named as Hester’s successor |
| November 2013: McEwan announces that that £38bn of troublesome loans will be put in to a bad bank and aims to embark on a “resetting” of the relationship with the Treasury | November 2013: McEwan announces that that £38bn of troublesome loans will be put in to a bad bank and aims to embark on a “resetting” of the relationship with the Treasury |
| November 2013: Allegations emerge that RBS has been deliberating forcing small businesses to the brink to make a profit | November 2013: Allegations emerge that RBS has been deliberating forcing small businesses to the brink to make a profit |
| February 2014: Loss stands at £8.2bn as McEwan turns focus more on to the UK | February 2014: Loss stands at £8.2bn as McEwan turns focus more on to the UK |
| November 2014: RBS among banks fined for rigging foreign exchange markets | November 2014: RBS among banks fined for rigging foreign exchange markets |
| February 2015: RBS announces Sir Howard Davies will replace Sir Philip Hampton as chairman as it reports a £3.5bn loss, its seven consecutive year of losses | February 2015: RBS announces Sir Howard Davies will replace Sir Philip Hampton as chairman as it reports a £3.5bn loss, its seven consecutive year of losses |
| June 2015: George Osborne decides he will sell off the stake in RBS even though the shares are worth less than was paid for them | June 2015: George Osborne decides he will sell off the stake in RBS even though the shares are worth less than was paid for them |
| July 2015: RBS warns of risk of further fines as it reports loss for the half year |