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UK parliamentary committee to probe funding that was aimed to boost competition in the banking sector.

M2 EQUITYBITES-April 2, 2019--UK parliamentary committee to probe funding that was aimed to boost competition in the banking sector

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Global Banking News - 02 April 2019

A UK parliamentary committee is planning to probe a scheme that aimed to boost competition in business banking.

The scheme awarded GBP775m to small lenders including Metro Bank. Now, the scheme is being probed after it attracted widespread criticism.

Opaque decision-making processes and unrealistic promises that were made as part of the scheme have been criticised by many.

The unusual fund was designed by the EU and the UK government and involved sourcing funds from Royal Bank of Scotland (LSE: RBS), which had received government funds during the financial crisis.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUUK
Date:Apr 2, 2019
Words:147
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