RBS to start lending again .. but only in Scotland

Good news!  The Royal Bank of Scotland has announced that it is going to use £1.7bn of the magic money the Bank of England invented to issue new mortgages.  But only in Scotland.

RBS is, I imagine, keen to reassert its Scottish credentials now that the “English” government owns most of it.  How ironic that the Royal Bank of Scotland is using money from the Bank of England to finance mortgage spending exclusively in Scotland.  How wrong that the Royal Bank of Scotland is using money from the Bank of England to finance mortgage spending exclusively in Scotland.

I wonder whether the Scottish Chancellor had a hand in the decision.  Let’s find out shall we?

Subject: FOI Request
Date: Wed, 11 Mar 2009 08:17:40 +0000
From: Stuart Parr
To: public.enquiries@hm-treasury.gov.uk

Hi,

Under the provisions of the Freedom of Information Act, I would like to know the following:

  1. What guidance or instructions have been given to banks in receipt of taxpayers money as to what percentage of that money should be targeted at:
    • Scotland
    • Wales
    • Northern Ireland
    • England
  2. What consideration was given to the perceived detrimental effect on the Scottish banks’ reputation from being partly or majority owned by the British government and what was the outcome of any discussions about it.
  3. What involvement has the Chancellor had in any decision to prioritise lending in Scotland?

I would like this information in an electronic format.

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