One Account rates cut

tajima1

RBS rights issue: Taxpayer set to bear costs as share deadline passes

Published Date: 25 November 2008
By ALLAN MACKIE
TAXPAYERS were sitting on paper losses of around £2.5 billion today as the deadline for Royal Bank of Scotland's £15 billion share offer expired.
The Government has agreed to buy any of the 22.9 billion new shares not taken up by existing shareholders to shore up RBS's finances.With the bank's shares trading at 55p – more than 10p below the 65.5p price of the new shares – investors are Likely to snub the stock, leaving the public sector controlling up to 58% of the Edinburgh-based bank.

RBS will announce the results of the share offer by Friday. It comes just months after an original £12 billion rights issue by the bank before the financial crisis deepened in September.

Chairman Sir Tom McKillop apologised to shareholders last week at the meeting to approve the bail-out, saying he was "profoundly sorry" for the human and financial cost borne by investors.

The Government has also committed to buying £5 billion in preference shares – which impose restrictions such as a ban on dividend payouts – which RBS will buy back in time

So as of today the Govt is officially the major shareholder.The RBS SVR rates move down on Monday. There must surely be an announcement of some kind today!

Yorkshire_Bred

tajima1 wrote: »

Published Date: 25 November 2008
By ALLAN MACKIE
TAXPAYERS were sitting on paper losses of around £2.5 billion today as the deadline for Royal Bank of Scotland's £15 billion share offer expired.
The Government has agreed to buy any of the 22.9 billion new shares not taken up by existing shareholders to shore up RBS's finances.With the bank's shares trading at 55p – more than 10p below the 65.5p price of the new shares – investors are Likely to snub the stock, leaving the public sector controlling up to 58% of the Edinburgh-based bank.

RBS will announce the results of the share offer by Friday. It comes just months after an original £12 billion rights issue by the bank before the financial crisis deepened in September.

Chairman Sir Tom McKillop apologised to shareholders last week at the meeting to approve the bail-out, saying he was "profoundly sorry" for the human and financial cost borne by investors.

The Government has also committed to buying £5 billion in preference shares – which impose restrictions such as a ban on dividend payouts – which RBS will buy back in time

So as of today the Govt is officially the major shareholder.The RBS SVR rates move down on Monday. There must surely be an announcement of some kind today!

Has there been any announcement as to how much of the RBS we own yet?

Majority shareholders with little or no say:mad:

malocao

Phoned them again this morning: "The rate is still under review". What a shower. My complaint letter is on its way.

taurusgb

Yorkshire_Bred wrote: »

Has there been any announcement as to how much of the RBS we own yet?

Majority shareholders with little or no say:mad:

radio 4 just said we the taxpayer own 57% :mad::mad::mad::mad::mad::mad::mad:

leoleo73

I'd just like to point out that the following are also RBS brands and therefore if you hold products with any of these you are exposing yourself to the same treatment that [Virgin] One Account customers have received.

* Direct Line
* Churchill
* Privilege
* RBS
* NatWest
* Ulster Bank
* MINT (credit card)
* Lombard direct
* Tesco Personal Finance (joint venture)
* Green Flag (partner)
* First Active

They are also behind a lot of credit cards - check the small print. Even if you always pay it off in full, do you want to risk them suddenly withdrawing it or hiking the rate if you lose your job?

Due to their public ownership it is probably their subsiduary brands where you most risk mistreatment - basically anything other than RBS or NatWest, however you may wish to boycott these anyway.

diamondbubbles

My offset account is with RBS and is currently at 5.95%.

I sent an email to Alistair Darling this morning asking whether RBS will now be forced to reduce their rates. I will let you know if I get a response ..... but maybe there will be more success if everyone emails him?

RCG99

Maybe it's time to contact Nikki Campbell at TV's "WATCHDOG":T

e1london

The One account
Woodland place
Norwich
NR7 9EJ
www.oneaccount.com

Dear Mr xxx,

Your mortgage account number - 999999999

Thank you for contacting us about the recent decrease with the Bank of England base rate. I am sorry that you are unhappy that we have not yet made a decision with regards to the interest rate on your mortgage.

Your One Account is a variable rate mortgage; however it is not a Base Rate tracker. This means that the interest rate does not automatically move in line with the Bank of England Base Rate. Whilst we always use any Base Rate change as a natural review point, we also consider a wide range of factors including the costs of funding this type of variable rate mortgage.

As the product is not linked to the Base Rate, we are not obliged to pass any change on to One account.

Any future changes to your One account interest rate will be communicated fully in line with your product Terms & Conciliations. Condition 6a states that 'The initial Interest Rate is stated in your Offer. We can change it with immediate effect at any time, but we will inform you in writing of each change (at the earliest opportunity and at most within 30 days) or we will publish notice of the change in at least 3 national daily newspapers'.

So that you know how we deal with complaints, I have enclosed our leaflet, "insert leaflet title". If you believe that we haven’t investigated properly or acted fairly, you have the right to refer to the Financial Ombudsman Service. You can do this if we haven't been able to reach and agreement by 20 January 2009, which is eight weeks after you first contacted us. The Ombudsman would then assess whether to check the bank's own investigation, if they decide to, would work with you and us to reach a conclusion.

Otherwise, there's nothing you need to do. If I haven't heard back from you by 20 January 2009, I will close out file. Whatever you decide, I am sorry that you have had cause for complaint, however I am grateful to you for bringing this to our attention.

Yours sincerely

Stephen Bailey
Customer Relations Consultant
The One account


I love the "insert leaflet title" bit!!!

e1london

diamondbubbles wrote: »

I sent an email to Alistair Darling this morning asking whether RBS will now be forced to reduce their rates.

Do you have his email address? :-)

diamondbubbles

Thanks for copying your letter from the one account. The wording is identical to the one I recieved from RBS. I bet they have had to recruit more staff for sending these letters out!

Alistair Darling's email address is: - [EMAIL="darlinga@parliament.uk"]darlinga@parliament.uk[/EMAIL]

I would also be happy to get Watchdog involved, buy maybe we should wait until we see what happens after next week's BoE meeting?