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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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July 2, 2015
18:02 EDTRBSRBS to potentially face $13B judgment in subprime mortgage case, FT says
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12:22 EDTRBSBrazil investigates banks for exchange rate manipulation
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08:14 EDTRBSRBS announces BNP Paribas as referral bank for GTS customers
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June 22, 2015
06:45 EDTRBSRBS may ask for more time to spin off Williams & Glyn, U.K. Times reports
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06:10 EDTRBSRBS Chairman says UK banks fear block on cross-selling, Financial Times says
RBS Chairman Sir Philip Hampton has warned that British Banks fear being blocked from cross-selling products to their clients, reports the Financial Times. Hampton said UK banks had no choice but to accept the ringfencing low that forces them to hive off retail and small business operations into a separate subsidiary at arms length from other activities. Reference Link

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