RBS sets aside further £3.1bn for mortgage mis-selling fines

Royal Bank of Scotland set aside a further 3.1bn provision to cover fines relating to the issuance and underwriting of US residential mortgage-backed securities.

Related topics:  Finance News
Rozi Jones
26th January 2017
rbs royal bank of scotland
"Putting our legacy litigation issues behind us, including those relating to RMBS, remains a key part of our strategy."

The Bank has now set aside a total of £6.7bn to cover litigation in the US.

It is expected to report its ninth consecutive annual loss in 2016 when its full year figures are released next month.

RBS said that further "substantial additional provisions and costs may be recognised and, depending on the final outcome, other adverse consequences may occur".

Howver it stressed that the duration and outcome of these investigations remain uncertain, including whether settlements may be reached.

Ross McEwan, RBS’s Chief Executive Officer, said: “Putting our legacy litigation issues behind us, including those relating to RMBS, remains a key part of our strategy. It is our priority to seek the best outcome for our shareholders, customers and employees.”

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