Banking Competition Remedies Ltd (BCR), the independent body established to implement the £775 million Royal Bank of Scotland (RBS) bail out fund for challenger banks is inviting prospective applicants to an in-person event to set out the timescales and criteria for applying for a slice of the handout.
Royal Bank of Scotland was directed by the government and the European Commission to set up two funds worth a combined £775 million following its £45.5 billion bailout during the financial crisis.
The funding has become a source of contention among challenger banks who have complained that the Government has set the bar for applications too low, enabling bigger banks such as Santander, Clydesdale and TSB to be eligible for a piece of the pie.
Both Starling Bank and Nationwide have confirmed their intention to apply for a slice of the £445 million of funding that was earmarked for challenger banks pushing into the business banking market.
The BCR intends to guide applicants through the process of applying for funding at the first of two events in London on 27 September. This will run through the published timescales and the application processes for the Capability & Innovation Funds Pools A, B and C and the Incentivised Switching Scheme.
Prospective candidates are asked to respond to events@BCR-ltd.com if they wish to register.
The event will be livestreamed for those not physically able to attend and, at a later date, be made available for online replay via BCR’s website.
A further event is being planned for those with an interest in Pool D of the Capability & Innovation Fund. More details on this will be made available in due course.