Newspaper article International New York Times

R.B.S. Repays Britain, Clearing Path for Dividends

Newspaper article International New York Times

R.B.S. Repays Britain, Clearing Path for Dividends

Article excerpt

The payment by Royal Bank of Scotland fulfills a condition of a bailout that gave the British government priority for dividend payments.

The Royal Bank of Scotland said on Tuesday that it made a final payment of nearly 1.2 billion pounds to the British government, fulfilling a condition of its bailout package that gave the government priority for dividend payments.

The British government owns about 73 percent of R.B.S. after having injected Pounds 45 billion, or about $64 billion, into the bank during the financial crisis. As part of that bailout, the government received a so-called dividend access share, which gave it "enhanced rights" for dividends paid by the bank.

By ending the dividend access share program, R.B.S. moved one step closer to being able to resume dividend payments to its shareholders. The bank has not paid a dividend since 2008. …

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