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The government assumed control of the bank's £50 billion mortgage and loan portfolio, while its deposit and branch network were sold to Spain's Banco Santander. [17] In October 2008, the Australian government made A$4 billion available to nonbank lenders unable to issue new loans.
The government reduced its holding in NatWest to 59.8% in March 2021, losing the taxpayer £1.8bn, [82] followed by a further sale in May 2021 bringing it to 54.8%. [83] The government announced that a further sale would take place in late 2021 (bringing the holding down to 50.6%) [84] and a sale in March 2022 reduced it further to 48.1%.
The company pioneered the offset mortgage in the UK; it was conceived as a joint venture between Virgin Direct (Virgin's financial services company) and The Royal Bank of Scotland in 1997. Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base.
The funds for guaranteed mortgages come from private-sector lenders, but the loan is backed by a guarantor, typically a government agency, that will pay out money to the lender if the borrower ...
The lender does not have to adhere to the Federal Housing Finance Agency’s (FHFA) standards used by Freddie Mac and Fannie Mae, the government-sponsored enterprises (GSEs) that back and buy most ...
A high-cost mortgage, defined by HOEPA as “any consumer credit transaction that is secured by the consumer’s principal dwelling,” is one in which the annual percentage rate (APR) exceeds the ...
This brought its shareholding down to 62.4%. In both cases, the government sold well below the average price of 499p per share it had paid, with the June 2018 transaction representing a loss of £2.1 billion to UK taxpayers. [30] In March 2021 the UK government sold a further tranche of 590 million shares in NatWest at a price of 190.5p per share.
As of November 2024, the British government owns 10.9% of NatWest Group after spending £45 billion ($61.87 billion) bailing out the lender in 2008; the proportion at one point was 54.7%. [ 5 ] [ 6 ] NatWest International is a trading name of RBS International, which also sits outside the ringfence.