- 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.
RBS ups litigation provisions
Jan 27 2014, 11:36 ET