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BRIEF-UK government backs RBS's plan to help challenger banks
September 18, 2017 / 4:11 PM / a month ago

BRIEF-UK government backs RBS's plan to help challenger banks

Sept 18 (Reuters) - UK‘S HM TREASURY:

* A PLAN TO RESOLVE RBS’ FINAL STATE AID COMMITMENT HAS BEEN AGREED IN PRINCIPLE BETWEEN THE UK GOVERNMENT AND THE EU COMMISSION‍​

* PLAN TO RESOLVE RBS’ FINAL STATE AID COMMITMENT, WORTH ABOUT £835 MILLION, HAS BEEN AGREED IN PRINCIPLE

* PLAN INCLUDES A £425 MILLION CAPABILITY & INNOVATION FUND COMPRISED OF 15 GRANTS THAT ELIGIBLE CHALLENGER BANKS AND OTHER FINANCIAL SERVICES PROVIDERS

* PLAN INCLUDES £350 MILLION OF FUNDING TO INCENTIVISE SMES TO SWITCH THEIR ACCOUNTS FROM THE BUSINESS PREVIOUSLY DESCRIBED AS WILLIAMS & GLYN TO ELIGIBLE CHALLENGERS

* RBS WILL ALSO FUND C. £60 MILLION OF ADDITIONAL IMPLEMENTATION AND OTHER COSTS

* UK GOVERNMENT WILL NOW WORK WITH THE COMMISSION TO FORMALISE THE REVISED PLAN, INCLUDING THE NEXT STEPS ON IMPLEMENTATION Link to press release: bit.ly/2u0OmYO For full story on the matter today, click on: Further company coverage:

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