type private limited company industry financial founded 3 november 2008 2008 11 03 1 headquarters 100 parliament street london sw1a 2bq united kingdom key people james leigh pemberton executive chairman products investment management services manages investments in uk asset resolution lloyds banking group 10 % rbs group 73 % owner hm treasury 2 parent uk government investments website www.ukfi.co.uk uk financial investments ukfi is a limited company set up in november 2008 and mandated by the uk government to manage hm treasury s shareholdings in banks subscribing to its recapitalisation fund . these currently include substantial holdings in lloyds banking group lloyds and the royal bank of scotland group rbs ; and previously also northern rock until that company was taken over by virgin money on 1 january 2012 . 3 ukfi also manages hm treasury s investment in uk asset resolution which holds both nram plc and bradford & bingley . contents 1 history 2 investment aims 3 holdings 4 board 5 controversy 6 see also 7 references 8 external links history edit on 3 november 2009 the government injected further capital into rbs in particular which resulted in hm treasury s shareholdings in that company rising from 70 % to 83 % . 4 since then the proportion of those shareholdings have fallen slightly to 80 % as of end march 2014 because of new issues of shares to other shareholders during the past few years . 5 the government s stake had further decreased to 78.3 % by august 2015 . 6 that month ukfi disposed of 5.4 % of their shareholding in rbs . 7 hm treasury s shareholdings in lloyds dropped from 43 % to 41 % in february 2010 after it issued 3.14 billion new shares 8 and dropped again in 2013 from 39 % to 33 % after it sold 3.2 billion worth of shares . a trading plan of incremental sales during 2015 reduced the stake to below 10 % by the end of october . 9 in 2015 ukfi and the shareholder executive became subsidiaries of uk government investments and in april 2016 both were merged . 10 investment aims edit the government said the aim of the company would be to protect and create value for the taxpayer as shareholder with due regard to financial stability and acting in a way that promotes competition while also ensuring that the banks they own provide competitively priced loans to small businesses and homeowners at 2007 levels . 11 holdings edit ukfi have holdings in the following companies company shareholding royal bank of scotland group plc 73 % 7 lloyds banking group plc 10 % 9 nram plc held via uk asset resolution 15 % 12 bradford & bingley plc held via uk asset resolution 100 % 13 board edit it was envisaged that membership of the ukfi board would comprise a private sector chairman three non executive private sector members a chief executive and two senior government officials from hm treasury and the shareholder executive . sir philip hampton became the ukfi s first chair and john kingman become the first chief executive ; both took up these positions in 2008 . glen moreno chairman of pearson plc peter gibbs chairman of turquoise lucinda riches ex ubs and michael kirkwood ex citigroup were appointed as non executive directors in january 2009 . 14 also in january 2009 it was announced that sir philip would become chairman designate of the royal bank of scotland group and step down as chairman of ukfi . 15 he was replaced as chairman by sir david cooksey in august 2009 . on 28 october 2009 it was announced that robin budenberg would take over as chief executive of ukfi ; budenberg later became chairman . the board comprises 2 james leigh pemberton executive chairman kirstin baker lucinda riches philip remnant marshall bailey jitesh gadhia jane guyett controversy edit robert peston of the bbc said on 24 december 2008 it s probably no exaggeration to say that for the coming year or two at least ukfi will be as important to all of us as the treasury or the bank of england or the city watchdog the financial services authority . 16 it has been revealed that glen moreno was a former trustee of lgt bank a secretive company based in liechtenstein and embroiled in allegations of tax evasion . he has stated that he is not interested in a permanent position at ukfi . 17 in december 2012 an administrative error was uncovered in the wording of the loan agreements made by northern rock in 2008 for around 152 000 customers ; the error may cost an estimated 270 million . as a result of the error the affected customers who were borrowing 25 000 or less may be entitled to a repayment of interest . 18 19 see also edit 2008 united kingdom bank rescue package 2008 liechtenstein tax affair references edit introduction pdf . ukfi . retrieved 21 march 2015 . a b about us . ukfi . retrieved 24 august 2014 . ukfi confirms completion of northern rock sale to virgin money pdf . ukfi . 1 january 2012 . retrieved 1 january 2012 . alistair darling rbs and lloyds bonus clampdown better for taxpayer . london the daily telegraph . 3 november 2009 . ukfi annual report 2014 pdf . ukfi . retrieved 30 july 2014 . government starts rbs share sell off . bbc news . 3 august 2015 . retrieved 3 august 2015 . a b rbs government sells 2.1 bn of shares in bank . bbc news . retrieved 4 august 2015 . lloyds issue shrinks taxpayers share to 41 % . the scotsman . 12 february 2010 . retrieved 3 january 2012 . a b cruise sinead 29 october 2015 . government trims lloyds stake to single digits as retail offer looms . reuters . government creates new company to deliver record asset sales programme . hm treasury . 20 may 2015 . retrieved 21 may 2015 . new company to manage government s shareholding in banks . hm treasury . 3 november 2008 . retrieved 30 december 2011 . government agrees record breaking 13 billion sale of former northern rock mortgages . hm treasury . retrieved 13 november 2015 . ukfi wholly owned investments . ukfi . retrieved 3 january 2012 . treanor jill 13 january 2009 . who s in charge of our money . london the guardian . retrieved 13 january 2009 . stock exchange announcement . london stock exchange . 16 january 2009 . robert peston 24 december 2008 . we are the banks . bbc . retrieved 3 january 2012 . naughton philippe ; costello miles 11 february 2009 . business big shot glen moreno . london the times . ukar response to ministerial statement regarding nram . northern rock asset management plc. 11 december 2012 . retrieved 18 december 2012 . northern rock s 270m error means borrowers pay no interest . the times . 11 december 2012 . retrieved 18 december 2012 . external links edit official website hm treasury explanation of ukfi whatdotheyknow.com uk financial investments ltd freedom of information requests v t e commercial and retail banks in the united kingdom banking in the united kingdom barclays barclays bank barclays wealth cybg clydesdale bank yorkshire bank hsbc holdings first direct hsbc bank hsbc private bank m & s bank lloyds banking group1 bank of scotland bank of wales birmingham midshires halifax lloyds bank royal bank of scotland group2 adam and company child & co. coutts & co. drummonds bank natwest royal bank of scotland ulster bank santander group cahoot cater allen santander uk wholly state owned national savings and investments post office money uk financial investments uk asset resolution bradford & bingley3 nram3 other airdrie savings bank al rayan bank aldermore allied irish bank gb first trust bank arbuthnot latham & co secure trust bank bank and clients bank of ireland butterfield bank cambridge & counties bank c. hoare & co close brothers group the co operative bank smile danske bank duncan lawrie handelsbanken harrods bank icici bank uk julian hodge bank kingdom bank kleinwort benson metro bank monzo onesavings bank raphaels bank reliance bank n m rothschild & sons sainsbury s bank sg hambros shawbrook bank standard chartered tesco bank triodos bank tsb unity trust bank virgin money big four banks are underlined and private banks are shown in italics 1 10 % owned by ukfi 2 73 % owned by ukfi 3 mortgage assets only v t e great recession by region africa americas united states south america asia europe oceania united states specific automotive industry crisis california budget crisis housing bubble housing market correction subprime mortgage crisis banking losses and fraud anglo irish bank hidden loans controversy libor scandal tom hayes soci t g n rale trading loss forex scandal se n fitzpatrick bernard madoff tom petters scott rothstein allen stanford government entities consumer financial protection bureau federal deposit insurance corporation federal home loan banks federal housing administration federal housing finance agency federal housing finance board federal reserve system government national mortgage association irish bank resolution corporation national asset management agency office of federal housing enterprise oversight office of financial stability uk financial investments government policy and spending responses banking and finance stability and reform anglo irish bank corporation act 2009 banking special provisions act 2008 china japan south korea trilateral summit commercial paper funding facility dodd frank wall street reform and consumer protection act emergency economic stabilization act of 2008 irish emergency budget 2009 irish budget 2010 irish budget 2011 irish budget 2012 irish budget 2013 temporary liquidity guarantee program term asset backed securities loan facility troubled asset relief program 2008 united kingdom bank rescue package bank stress tests eu u.s. stimulus and recovery 2008 european union stimulus plan 2008 09 keynesian resurgence american recovery and reinvestment act of 2009 chinese economic stimulus program economic stimulus act of 2008 fraud enforcement and recovery act of 2009 green new deal housing and economic recovery act of 2008 national fiscal policy response to the great recession zero interest rate policy government interventions rescues and acquisitions list of banks acquired or bankrupted during the great recession non banking chrysler general motors securities involved and financial markets auction rate securities collateralized debt obligations collateralized mortgage obligations credit default swaps mortgage backed securities secondary mortgage market social responses tea party protests united states ; c. 2009 may day protests europe middle east and north africa asia ; 2009 occupy movement worldwide related topics 2000s energy crisis central asia 2008 effects on museums decline of newspapers world food price crisis european debt crisis financial crisis of 2007 08 list of countries by public debt v t e economy of the united kingdom companies co operatives employee owned companies ftse 100 index ftse 250 index ftse fledgling index ftse smallcap index government owned companies currency governance regulation bank of england governor of the bank of england budget company law competition commission department for business innovation and skills financial conduct authority gilts hm revenue and customs hm treasury chancellor of the exchequer debt management office monetary policy committee office for budget responsibility office of fair trading pound sterling banknotes coinage taxation uk statistics authority uk trade & investment history chronological 1659 1849 navigation acts agricultural revolution industrial revolution panic of 1796 97 1815 46 corn laws new imperialism 1830s 1945 second industrial revolution 1860s 1914 1873 79 long depression 1926 general strike 1929 39 great depression 1948 52 marshall plan 1974 three day week 1979 winter of discontent 1986 big bang 1992 black wednesday late 2000s recession 2008 bank rescue package 2009 bank rescue package recurrent economic geography free trade gold standard recessions and recoveries national champions policy economic liberalism privatization nationalisation nations regions cities england atlantic gateway birmingham big city plan bristol cornwall croydon croydon vision 2020 devon expansion plans for milton keynes fishing leeds list of counties by gva liverpool london east