Ann: CYBG PLC Update on Capability and Innovation Fund, page-7

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22/02/19

18:41

Post #: 37536719
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Originally posted by Jausty1919: ↑

I'm no expert but do have a very high level understanding, so I do apologise in advance if I have misunderstood anything below. I understand @zhanginu has incredible expertise in banking & debt markets and may be able to provide some really solid analysis on this?

My High-level understanding: Royal Bank of Scotland were bailed out in 2009 by central bank & part of the package to "repay" includes a bunch of "alternative remedies". This announcement relates to a scheme where smaller UK banks were able to bid to receive a grant (basically "free money", I believe) to be used to invest in innovation in the SME space. Pool A had 3 spots: ($= pound, too lazy to find symbol) $120m grant, $100m grant and $60m grant. CYB bid for a grant, but did not receive one from Pool A, per announcement (however at ~0.6x BV, receipt of grant was far from priced in by the market!).

There are, however 3 or 4 other pools ranging from $5m to $50m that CYB could still receive (pools B to D).

Another part of the "alternative remedy" is divestment of a pool of RBS customer base - my understanding is that CYB are very well placed to capture a large pool of this base & that this is more of a 'free-market' opportunity as apposed to the bureaucratic decision making process of the grants.

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well, the market gave it's verdict on that bad news today after it did so well in UK following the big jump in OZ . Let's see the
reaction here in London today .

CYB Price at posting: $3.40 Sentiment: Hold Disclosure: Not Held
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Ann: CYBG PLC Update on Capability and Innovation Fund, page-7

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