The FT has noted:

Hundreds of thousands of homeowners hoping to see a major reduction in their mortgage payments in the new year, after the reduction in the Bank of England base rate to 2 per cent, may find themselves disappointed - as not all the banks that have taken a government cash injection are passing on the full rate cut.

The time for nationalisation is fast approaching.

I presume the existing directors are hoping for a good pay-off for failing their shareholders. Nothing else explains their approach.