World Economy
0

RBS Sees Full-Year Loss

RBS Sees Full-Year LossRBS Sees Full-Year Loss

Royal Bank of Scotland Group Plc said it sees a £3.6 billion ($5.2 billion) impact on its tangible net asset value from charges in the fourth quarter, including a $2.2 billion provision related to US mortgage-backed securities, putting it on track for a full-year loss, Bloomberg reported. The shares slumped. Plugging a pension deficit will hurt the value of assets by £1.6 billion, RBS said in a statement on Wednesday. Britain’s largest government-owned lender also set aside an additional £500 million for wrongly-sold payment protection insurance, which Chief Executive Officer Ross McEwan said should bring an end to provisions for such claims.

Financialtribune.com