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Stock Market & Financial Investment News

News Breaks
January 27, 2014
11:17 EDTRBSRoyal Bank of Scotland announes 1.9B pound provision
Royal Bank of Scotland said its full year results on February 27 will reflect provisions for litigation and conduct related matters. RBS said its board has decided to provide 1.9B pounds covering various claims and conduct related matters affecting Group companies, primarily those related to mortgage-backed securities and securities related litigation, following recent third party litigation settlements and regulatory decisions. RBS said it will take an additional 465M pound provision for Payment Protection Insurance redress and related costs. It added that Q4 claims experience has continued at previous rates rather than declining as anticipated and claims are now expected to continue for a longer period. The cumulative provision is 3.1B pounds, of which 2.2B pounds had been utilized at December 31, 2013. The remaining provision of 900M pounds covers approximately twelve months of redress and administrative expenses. The bank noted a further 500M pounds provision for Interest Rate Hedging Products redress and administration costs. The increase in provision reflects both higher volumes and anticipated redress payments, recalibration of its methodology based on experience during Q4, and additional administration charges. RBS said. The cumulative provision, including expenses, was 1.25B pounds at December 31, 2013.
News For RBS From The Last 14 Days
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March 27, 2015
05:57 EDTRBSRBS to sell internationally managed private banking and wealth management unit
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March 26, 2015
11:50 EDTRBSRBS may sell Coutts to UBP for $600M-$800M, FT reports
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05:54 EDTRBSRBS raises value of Citizens sale to $3.7B, Financial Times reports
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March 24, 2015
06:08 EDTRBSU.S. regulators say BNP, HSBC, RBS must rewrite living wills
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March 23, 2015
06:58 EDTRBSCitizens Financial announces 115M share secondary offering by RBS
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06:23 EDTRBSRBS set to sell more shares in Citizens, The Telegraph reports
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06:21 EDTRBSUBS in discussions to lease space from RBS in Connecticut, WSJ reports
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March 22, 2015
17:03 EDTRBSCitizens Financial could return 30%, Barron's says
Citizens Financial (CFG), a spinoff from RBS (RBS), could return 30% in the next two years, Barron's contends in a feature article. Shares trade at about a 20% discount to peers, the paper adds. Reference Link
March 18, 2015
07:20 EDTRBSU.S. considers 'tearing up' non-prosecution deals with banks, Bloomberg says
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March 17, 2015
08:26 EDTRBSFreddie Mac, Fannie Mae begin legal battle against Nomura, RBS, NY Post says
Freddie Mac (FMCC) and Fannie Mae (FNMA) alleged in court proceedings Monday that they bought "bad" mortgages because they were mislead by banks, reports the New York Post, citing court arguments. Monday was the first day of the lawsuit against Nomura (NMR) and co-defendant Royal Bank of Scotland (RBS) which seeks $1B in damages as well as the ability to return the securities to the banks. Lawyers presented internal bank emails that identified some mortgages as "crap" or from "extremely dysfunctional" lenders, while the banks alleged that they fully disclosed the poor quality of the products. Reference Link
March 16, 2015
14:08 EDTRBSEU regulator says time for fine-tuning, Reuters says
The Basel Committee on Banking Supervision believes the necessary bank regulatory framework is in place though some additional work must be done to finalize leverage ratio and capital floor rules, Reuters reported yesterday, citing statements by secretary-general William Coen at a financial conference in Doha. Coen added, "We're now at the state where we can take a step back and look to see how [the regulations] fit together," cautioning that further analysis must be data-driven but admitting that both banks and regulatory bodies were feeling "regulation fatigue." Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link

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