Well that took longer than it should have. The UKgovernment has finally started selling down its 78per cent stake in Royal Bank of Scotland. It shouldhave started the process years ago. The shares closed at 338p on Monday. In August 2013they were trading at around 340p, and in the intervening period there have been no dividends.About 31bn of UK taxpayers’ money has been tied up for two years in the bank, with no return.The public would have done better had its money been in a savings account, despite thewoefully-low interest rates on offer. The government, it seems, is not a good allocator ofinvestment capital.
这件事本不该花这么长时间。英国政府终于开始出售其所持的苏格兰皇家银行(RBS) 78%的股份。它本该在数年前就开始这么做。周一,该行股票收于每股338便士。2013年8月,股价约为每股340便士,而且在政府干预期间未派发任何股息。约310亿英镑的英国纳税人资金被锁定在该行股份上长达两年,没有获得任何回报。如果当时把这些钱放在储蓄账户里,公众的收益原本还会高一些,尽管银行提供的利率低得可怜。看起来,英国政府并不擅长配置投资资本。
An earlier sale would have been beneficial all around. Lloyds Banking Groupshares have risen11 per cent since the government started selling down its stake in September 2013. In thesame period, RBS has lost 7 per cent. True, RBS has been in a much weaker position thanLloyds. But the government stake, and the real (and realised) threat of political interventionin the bank has been a drag on the share price. Freed of that risk, the shares might haveperformed much better. And by selling down the stake earlier, the government might haveenabled RBS to raise equity on the capital markets. It has been unable to do that (imagine theoutcry if the government had ended up putting more money into RBS), so it has had to sellassets such as Citizens, its US bank, instead.
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