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<b>Commentary: </b>RBS move marks a deep change
Chris Blackhurst1 Dec 2008
That Government-owned RBS should make this move is not a surprise. As new chief executive Stephen Hester says, the bank “has made commitments to Government that we intend to meet in letter and spirit”.
While thousands of homeowners can sleep easier now one of the largest mortgage providers will not be turfing them out just yet, Hester's group is not big in buy-to-let, which is where many problems are occurring. Neither is it certain other banks will follow suit. They are not in such hock to the Government, and are able to do as they please. For them, three months of arrears before the bailiffs get heavy may remain the norm, rather than RBS's six months.
Nevertheless, as Hester's comments about working with customers and avoiding a repeat of past mistakes, make clear, something profound has changed: the banks are no longer the kingpins they once were.
