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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Royal Bank of Scotland Group plc    RBS   GB00B7T77214

THE ROYAL BANK OF SCOTLAND GROUP PLC

(RBS)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 07/07 06:04:22 am
123.775 GBX   -1.06%
07/03RBS chairman calls on Bank of England to lift dividend curbs by autumn
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07/01Watchdog puts British banks on notice but no overdraft inquiry
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07/01Britain extends pandemic credit card relief
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UK banks say coronavirus relief slowed by lack of full state loan guarantees

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05/04/2020 | 07:06am EDT
FILE PHOTO: Canary Wharf and the City of London financial district are seen from an aerial view in London

By Iain Withers

Delays in offering full state guarantees on coronavirus relief lending hampered the ability of banks to provide fast financial aid to companies in the first phase of the pandemic, senior British bankers told lawmakers on Monday.

Banks have come under fire from the Bank of England and the general public for not providing loans to companies fast enough as a national lockdown shutters swathes of an economy heading for deep recession.

The chief executives of commercial banking at domestic lenders Lloyds Banking Group and Royal Bank of Scotland said the primary reason relief lending was faster in countries like Germany and Switzerland was due to 100% state guarantees offered from the onset of the crisis.

"The key difference ... is that some of the other European schemes had a 100% government guarantee from Day One," Lloyds' David Oldfield said.

"That therefore alleviated some of this pressure on banks to do affordability and the viability checks."

Britain's government has since launched a new 'Bounce Back' scheme to fully guarantee loans of up to 50,000 pounds to very small companies, but larger loans arranged under existing relief schemes will still only be 80% guaranteed.

Eligible customers who applied for loans under the Coronavirus Business Interruption Loan Scheme (CBILS) will be allowed to switch to the new scheme, the bankers said.

Oldfield said that Lloyds - which has faced criticism for lagging rivals in its provision of CBILS loans - was catching up, but added that the bank had initially found the scheme "painful" to implement.

Banks are expecting "extraordinary demand" for Bounce Back loans, Barclays Bank UK CEO Matt Hammerstein told MPs.

He said Barclays had received 200 applications within the first minute of its launch on Monday and was receiving 35 per minute later in the morning.

Bank bosses said they were concerned about a rise in fraud attacks since the start of the crisis, but added that the increase so far had been small.

Anne Boden, chief executive of digital bank Starling, said online start-ups could help deliver the neccessary relief to struggling businesses quickly.

"We all have to pull together as an industry to make sure British businesses survive. It's painful out there, and we've got to get those loans out there as quickly as possible.

"Everybody's desperate to make this work. We have no option, it must work to save our businesses."

(Reporting by Iain Withers, writing by Huw Jones, editing by Sinead Cruise and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -2.26% 6.475 Delayed Quote.20.73%
BANCO DE SABADELL, S.A. -3.59% 0.3169 End-of-day quote.-69.53%
BANCO SANTANDER, S.A. -2.54% 2.2275 End-of-day quote.-40.28%
BARCLAYS PLC 1.37% 117.3 Delayed Quote.-35.58%
HSBC HOLDINGS PLC 6.61% 408.65 Delayed Quote.-35.21%
JUST GROUP PLC -2.54% 47.66 Delayed Quote.-38.10%
LLOYDS BANKING GROUP PLC 0.58% 31.205 Delayed Quote.-50.36%
RISE, INC. 6.45% 33 End-of-day quote.10.00%
SWITCH, INC. -1.67% 18.26 Delayed Quote.25.37%
THE ROYAL BANK OF SCOTLAND GROUP PLC 2.46% 125.1 Delayed Quote.-49.29%
VIRGIN MONEY UK PLC 1.12% 94.04 Delayed Quote.-50.68%
WILL GROUP, INC. 5.03% 668 End-of-day quote.-46.65%
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Financials
Sales 2020 10 958 M 13 694 M 13 694 M
Net income 2020 -525 M -656 M -656 M
Net Debt 2020 - - -
P/E ratio 2020 -26,0x
Yield 2020 3,84%
Capitalization 14 754 M 18 440 M 18 437 M
EV / Sales 2019
Capi. / Sales 2020 1,35x
Nbr of Employees 63 200
Free-Float 38,0%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 157,06 GBX
Last Close Price 121,85 GBX
Spread / Highest target 231%
Spread / Average Target 28,9%
Spread / Lowest Target -31,7%
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Managers
NameTitle
Alison Marie Rose-Slade Chief Executive Officer & Director
Howard John Davies Chairman
Katie Murray Chief Financial Officer & Executive Director
Sheila Valerie Noakes Independent Non-Executive Director
Robert Andrew Joseph Gillespie Independent Non-Executive Director
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