Employee Credit Alert on Covid Loans as Pandemic Clouds Persist

Employee Credit Alert on Covid Loans as Pandemic Clouds Persist

Donald, a former Credit Suisse banker who became chief executive as the pandemic took hold in March 2020, confirmed the scheme had ended. “There’s an enormous amount of stuff that has been done not necessarily visible. Often you find that there are other solutions.” Ultimately only one company benefited: the south Wales-based steelmaker Celsa, which was given a senior debt facility. But Donald said that this did not reflect the number of inquiries from companies seeking government help. In almost all other cases, he said, a private-sector solution had been found. The UKGI’s wider role pre-pandemic was managing a £945bn portfolio of wholly and partially owned state enterprises, including NatWest, Channel 4, the Post Office, Land Registry and Urenco, the nuclear fuel supplier.

Donald said the stewardship of the Covid loan portfolio was focused on two of the emergency schemes: the Bank of England’s Covid Corporate Financing Facility and the Coronavirus Large News Interruption Loan Scheme, which carries state guarantees of up to 80 per cent. “We’re just watching it very closely,” he added. “Who knows what happens next in terms of the pressures of the next stage of the pandemic on different sectors?”

UKGI also helped with the Treasury’s ‘Project Birch’ plan to take stakes in critical companies whose operations had been affected by the pandemic.  This included analysing the “potential pressures that will exert themselves on the anticipated repayment schedule. It’s what I would call credit watch,” he said.

In May, UKGI sold down £1.1bn in NatWest shares, its second disposal in two months. This reduced the government’s stake to under 55 per cent, 13 years after the bank, known then as Royal Bank of Scotland, was nationalised and brought under state control during the financial crisis. Asked about further sales of NatWest shares, he said: “I would expect so, but it’s always subject to conditions. After a bit of a lull, we have made a little bit of progress this year. Our obligation is to make sure we are monitoring at all times opportunities to sell on a value-for-money basis.” In a wide-ranging interview with the Financial Times, Donald said he expected further sales of shares in NatWest this year given the strength of equity markets and the removal of curbs on dividends.

Donald signalled that he expected a further selldown in NatWest shares by the UK government this year © Jason Alden/Bloomberg It provides a level of private sector knowledge, including bringing in outside experts, to advise and implement policy for government departments.

The News Highlights

  • Employee Credit Alert on Covid Loans as Pandemic Clouds Persist
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Hushpuppi’s Phone: Abba Kyari and the Maggots
Hushpuppi’s Phone: Abba Kyari and the Maggots
A replica of James Bond with the guns and guts, but without the women and drinks, perhaps. Someone said Abba would have solved Funso Williams and Bola Ige. ...
Landslides force more than 100 to spend the night on the highway
Landslides force more than 100 to spend the night on the highway
The transportation department has accounted for 108 people, including 29 in the tunnel, who were stuck on the highway overnight. Between 65 and 70 people ...
$400 million grant to fund Kalamazoo government projects
$400 million grant to fund Kalamazoo government projects
In the most unusual element of the arrangement, the dollars also will cover revenue losses the city faces from a 38 percent property tax cut enacted in 2017. ...
How about 'Monkey Business' in Clinton?
Dividend from International News Machines (NYSE: IBM) will be increased to $1.64
Even over a long history of paying dividends, the company’s distributions have been remarkably stable. The dividend has gone from US$2.60 in 2011 to the most ...
Bezos loses appeal of NASA’s plans to use Musk moon lander
Bezos misses the appeal of NASA plans to use the Musk lunar module
Friday’s ruling found that even though NASA originally said it was going to give multiple contracts, it didn’t have enough money and that awarding only one ...
End of extra unemployment benefit and hiring companies |  The business
2 killed after plane crash near Southern California airport
Nobody on the ground was hurt. There was no immediate word on what led to the crash or whether the plane was heading from or to the airport. The plane went ...
On your Android phone, how can you acquire a COVID passport?
On your Android phone, how can you acquire a COVID passport?
So that you don’t have to worry about always getting a COVID certificate printed on you, we will explain in detail how to get a COVID passport on your ...
Vergecast: Apple, Samsung, Google, and Microsoft earnings this quarter
Vergecast: Apple, Samsung, Google, and Microsoft earnings this quarter
This week on The Vergecast, Nilay and Dieter bring back Verge managing editor Alex Cranz and Verge news editor Chaim Gartenberg to chat about the headlines. ...
End of extra unemployment benefit and hiring companies |  The business
US trail biking efforts hampered by outdated facilities
The sport had ebbed in popularity by the 1920s, and a century later, the Americans are still trying to play catch-up. “I’m one of the few that happened to ...
Review of the Typecase Flexbook Touch iPad Pro 11 Keyboard with Touchpad Case
Review of the Typecase Flexbook Touch iPad Pro 11 Keyboard with Touchpad Case
The unique 360-degree hinge, smart features and precision trackpad are truly the keyboard folio’s greatest strengths, and the keyboard itself merits high ...
Show next
Compsmag - Latest News from tech, business and health
Logo