Picture: PA By Kristy Dorsey A £275m scheme to encourage small and medium-sized enterprises to switch from Royal Bank of Scotland has closed with a total of 69,135 firms changing providers. The Incentivised Switching Scheme (ISS) forms part of the Alternative Remedies programme that was launched to address EU regulators’ concerns about the £45 billion taxpayer bailout of the group formerly known as Royal Bank of Scotland during the 2008 financial crisis. The RBS Group changed its name to NatWest in July of last year. Qualifying SMEs received dowries worth up to £50,000 if they moved to one of 10 approved alternative banks. The original plan was for the scheme to close after 120,000 had switched, or when all of the dowry was spent, with the latter achieved at the end of June after 28 months in operation.
Coretrax moves into new north-east HQ as part of global expansion
pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
Bank backs biomass project for poultry production
thescottishfarmer.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thescottishfarmer.co.uk Daily Mail and Mail on Sunday newspapers.
Submitting.
The deal is co-sponsored by existing bank client CRF Hydro Power and Turner & Co (Glasgow) which, together, through the newly formed joint venture Foster Turner Hydro, are providing an undisclosed level of equity.
The long-term loan provided by Virgin Money will support the acquisition, and upgrade, of the Glen Buck and Munergie hydro schemes, located in the Scottish Highlands.
The amount of electricity set to be produced will be enough to power more than 2,600 homes and displace some 2,500 tonnes of carbon per annum.
Keith Wilson, head of renewable energy at Virgin Money, the new brand for Clydesdale Bank, said: “While sometimes overlooked, medium-scale hydro schemes have an important role to play in supporting the energy transition, particularly those capable of delivering power at times of peak demand, as is the case here.
Tayside companies count the cost as administrators anticipate grain company losses in excess of £70 million
thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.