RBS poised for biggest loss since crisis on mortgage provision

Royal Bank of Scotland Group, Britain’s biggest government-owned lender, is on track for its largest pretax loss since 2008 after setting aside £3.1 billion more for legal and compensation claims.

28th January, 2014
RBS may now post a loss before tax and gains and losses on its own debt of about £6.8 billion for 2013, said an analyst.

Royal Bank of Scotland Group, Britain’s biggest government-owned lender and the parent company of Irish lender Ulster Bank, is on track for its largest pretax loss since 2008 after setting aside £3.1 billion more for legal and compensation claims.

The provision includes £1.9 billion pounds for lawsuits and fines tied mostly to the sale of $91 billion of mortgage-backed securities from 2005 to 2007, the lender said yesterday. It follows agreements Deutsche Bank AG,...

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