Royal Bank of Scotland

RBS Sets Aside 2 Billion Pounds for US and UK Litigation

Royal Bank of Scotland has set aside £2 billion to cover legal action for mortgage-backed securities litigation in the US and PPI mis-selling in the UK.


Britain's RBS has put aside £2 billion to cover litigation expenses it expects to pay for legal action on US residential mortgage-backed securities and the mis-selling of payment protection insurance in the UK. As a result of this, RBS shares fell by 0.96 per cent to 258.40 pence in early morning London deals.


Ross McEwan, chief executive of Royal Bank of Scotland, said:


"I am determined to put the issues of the past behind us and make sure RBS is a stronger, safer bank.


"We will now continue to move further and faster in 2016 to clean-up the bank and improve our core businesses.


"We've always been open about the scale of past issues facing RBS and although there is clearly much more to do, this announcement is a further step towards addressing legacy issues and building a great bank for our customers and delivering long term value for our shareholders."


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