No timetable to sell UKFI bank stakes boss admits
UK FINANCIAL Investments (UKFI) – the company set up to manage the government’s stakes in recapitalised banks – has not set a timetable for disposing of its holdings, one of its top officials said yesterday.
John Crompton, head of market investments at UKFI, said the government was keen to avoid making predictions about the price of assets during such a volatile economic climate.
“There are no projections, no assumptions, and hence no targets to hit,” he said.
“This greatly reduces the risk of our undertaking transactions which do not represent best value for the taxpayer.”
His comments will quell whispers that the government is looking to offload its stakes quickly to score a victory with voters ahead of the general election. “Ultimately, our exit will depend on market receptivity, on the size and frequency of deals, on the rate of change in the value of what we own,” said Crompton.