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September 28, 2018updated 24 Feb 2020 2:53pm

BCR issues update on £775m RBS challenger funds

By Brian Cantwell

Banking Competition Remedies (BCR), the independent body established to implement the £775m Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package, has revealed how challengers can access a share of the money.

BCR held a meeting yesterday for details on the application forms and key dates for its two programmes; Incentivised Switching Scheme and Capability and Innovation Fund.

The organisation issued a bulletin on the information disclosed.

Forms for the incentivised Switching Scheme, which is worth up to £350m of the total pot, will be available on its website, www.bcr-ltd.com, from Monday 1 October.

Applicants will be able to download forms and submit them on an online portal or “data room”.

BCR said applicants have the option to submit queries via the data room and, for fairness and transparency, all questions and answers will be published on BCR’s website for all to view.

The key dates for the fund are as follows:

  • 5 November 2018:           Application window opens
  • 30 November 2018:         Application window closes
  • Mid-December 2018:      Communication to successful and unsuccessful applicants and public announcement

Application forms for the Capability and Innovation Fund, worth £425m of the total pot, will also be available from 1 October on the site.

The application tool will be available to access from 9.00 on Monday 8 October for registration and familiarisation ahead of the application window opening on 1 November for those pools.

Applicants have the option to submit queries via the application tool in line with guidance notes to be published on the website and answers to questions will be made available to all applicant companies via the application tool or website FAQs.

There is a pre-determined application period of two months for each of Pools A, B and C followed by, in each instance, one month for evaluation and decision. In the case of Pool D, the application period is 6 months with again one month for evaluation and decision.

The following key dates for the Capability and Innovation Fund are:

Pool A

  • 1 November 2018:                           Application window for Pool A opens
  • 31 December 2018:                         Application window for Pool A closes
  • w/c 18 February 2019:                   Public announcement on Pool A

Pool B

  • 1 February 2019:                               Application window for Pool B opens
  • 29 March 2019:                                 Application window for Pool B closes
  • w/c 20 May 2019:                             Public announcement on Pool B

Pool C

  • 1 May 2019:                                        Application window for Pool C opens
  • 28 June 2019:                                     Application window for Pool C closes
  • w/c 19 August 2019:                        Public announcement on Pool C

Pool D

  • 1 November 2018:                           Application window for Pool D opens
  • 30 April 2019:                                    Application window for Pool D closes
  • By 30 June 2019:                               Public announcement on Pool D

BCR will soon be announcing details of an information webinar for applicants for Pool D, which will be held on 17 October 2018.

Following today’s information event for potential applicants of the Incentivised Switching Scheme and Pools A, B and C of the Capability and Innovation Fund, BCR will continue to update its website with relevant information. This will include the re-play video file of today’s information event for potential applicants, and ongoing updates to its FAQs pages (www.bcr-ltd.com/cif-faqs/).

 

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