Ulster Bank parent RBS shares sold

Britain yesterday took a £1.1bn (€1.56bn) loss on its first sale of shares in Royal Bank of Scotland — parent of Ulster Bank — sparking accusations of poor timing from opposition politicians.

The UK government sold a 5.4% stake in RBS at 330p per share, a third below the price paid when Britain rescued the bank with £45.8bn of taxpayer cash at the peak of the financial crisis.

The move raised £2.1bn and is expected to be followed by several more sales.