No timetable to sell UKFI bank stakes boss admits

UK FINANCIAL Investments (UKFI) &ndash; the company set up to manage the government&rsquo;s stakes in recapitalised banks &ndash; has not set a timetable for disposing of its holdings, one of its top officials said yesterday.<br /><br />John Crompton, head of market investments at UKFI, said the government was keen to avoid making predictions about the price of assets during such a volatile economic climate.<br /><br />&ldquo;There are no projections, no assumptions, and hence no targets to hit,&rdquo; he said.<br /><br />&ldquo;This greatly reduces the risk of our undertaking transactions which do not represent best value for the taxpayer.&rdquo;<br /><br />His comments will quell whispers that the government is looking to offload its stakes quickly to score a victory with voters ahead of the general election. &ldquo;Ultimately, our exit will depend on market receptivity, on the size and frequency of deals, on the rate of change in the value of what we own,&rdquo; said Crompton.