LONDON, July 16 (Reuters) - The winners of a series of grants worth a total of 775 million pounds ($1.03 billion) and paid for by the Royal Bank of Scotland will be announced in February 2019, the body set up to disperse the money said on Monday.
Banking Competition Remedies Ltd said that after appointing its final executive director and other staff - a process that had prevented applications for the grants from opening - it was now operationally ready to implement the scheme.
The grants, which make up two separate funds for RBS’s smaller rivals, are intended to spur competition in the sector. RBS is footing the bill following its 45.5 billion pound bailout during the financial crisis, seen as an unfair boost to the lender. ($1 = 0.7559 pounds) (Reporting by Emma Rumney, Editing by Lawrence White)