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RBS ups litigation provisions

  • Previewing its Q4 results, Royal Bank of Scotland (RBS -0.7%) adds £1.9B to litigation reserves, primarily for MBS. Another £465M is added due to the Payment Protection Insurance issue, and another £500M for interest rate hedging products.
  • As for operations, the bank recognized an additional £4B-£4.5B in impairments and asset valuation adjustments in conjunction with the creation of RBS Capital Resolution. Non-core asset reduction went faster-than-anticipated in Q4 resulting in Third Party Assets below previous guidance of £35B and an operating loss in that division for the quarter.
  • The press release includes video statements from the CEO And Chairman.
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