RBS eyes £13bn Govt mortgage book
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Edinburgh-based Royal Bank of Scotland is closing in on a deal to buy more than £13 billion of Government-backed mortgages, according to reports.
The bank, which is still 73 per cent owned by the UK taxpayer, is contending with US hedge fund Cerberus and TSB-owner Sabadell to seal the deal, according to the Sunday Times.
The Government acquired the home loans following the collapses of Northern Rock and Bradford and Bingley.
The Sunday Times reports that 131,000 Northern Rock home loans are up for sale, with a further offering from Bradford and Bingley.
A sale will reportedly be finalised early next year.
Chancellor George Osborne unveiled plans to sell off the book as part of his March Budget, with the funds raised used to pay down the national debt.
The Chancellor announced in August that permission had been granted to begin the sale of the government’s holdings in RBS.
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