NatWest, formerly RBS, received £46bn in taxpayer funding between 2008 and 2009. The bank’s new chairman, Rick Haythornthwaite, has expressed gratitude to the British government for bailing out the institution during the 2008 financial crisis.
The bailout protected millions of savers, businesses, and homeowners. Haythornthwaite said the funding allowed the bank to “completely restructure” into a safer and stronger institution. The government sold its remaining stake in NatWest last week, resulting in a £10.5bn loss for taxpayers.
Haythornthwaite acknowledged that new regulations implemented after the financial crisis were necessary but warned that they may have swung too far. He called for reform to eliminate duplication in regulatory areas, which he said was compounding costs and inhibiting growth. The Chancellor has shown openness to his views, and Haythornthwaite emphasized that the goal is not a “race to the bottom” but rather a focus on ethics and prioritizing customers.
The sale of NatWest’s remaining shares marks an end to one of the most turbulent periods in British economic history.
Source: https://news.sky.com/story/natwest-boss-thanks-british-taxpayer-for-2008-bailout-after-government-sells-remaining-shares-13377078