Tuesday, 12 November, 2019

Royal Bank of Scotland to pay $4.9bn USA subprime fine

Royal Bank of Scotland to pay $4.9bn USA subprime fine Royal Bank of Scotland to pay $4.9bn USA subprime fine
Russell Knight | 10 May, 2018, 14:24

Citigroup reiterated a "neutral" rating on shares of Royal Bank of Scotland Group in a research report on Monday, February 12th.

LONDON, May 10 (Reuters) - Shares in Royal Bank of Scotland rose as much as 6 percent on Thursday after it secured a far lower than expected settlement with USA authorities, paving the way for a long-awaited return of cash to British taxpayers who provided support during the financial crisis.

It clears the way for the British Treasury to sell more shares in the lender, which is now 71% owned by the United Kingdom taxpayer.

RBS said $3.46bn (£2.5bn) of the proposed civil settlement will be covered by existing provisions - while the bank will take a $1.44bn (£1.1bn) hit to its second quarter profits.

It narrowly avoided insolvency in 2008 after the government agreed a 45 billion pound ($61 billion) bailout, just six months after the bank raised 12 billion pounds of emergency cash from shareholders.

The U.S. Attorney's Office in MA, which led the investigation, confirmed it had reached an agreement in principle with RBS that would resolve potential civil claims related to mortgage-backed securities issued between 2005 and 2008.

Croatia Regrets US Withdrawal from Iran Nuclear Deal
"By needlessly discarding multilateral diplomacy, the Administration's decision today makes the world a more risky place. He told Zarif that Japan will continue to support the Iran nuclear deal.

Eicher Motors net at Rs 1712 cr, dividend proposed Rs 110
However, Q4FY18 net profit declined by 11.33% from Rs 520.5 crore of preceding quarter. We have seen very good traction for Royal Enfield bikes in these markets.

At least 12 killed as thunderstorm lashes Uttar Pradesh
Twelve people died and 11 were injured as a thunderstorm hit parts of Uttar Pradesh on Wednesday evening, reported PTI . The Regional Met office in Lucknow has predicted more such storms in the next 24 hours.

Chief Executive Officer Ross McEwan said the settlement is a "milestone moment" for the bank.

'Removing the uncertainty over the scale of this settlement means that the investment case for this bank is much clearer'.

McEwan had hoped the settlement would be sealed before the end of 2017, but staffing changes at the DOJ following the inauguration of U.S. President Donald Trump saw negotiations with a number of banks slip back. The financial crisis of 2007-2008 was in large part due to the implosion of the market for those instruments.

The DOJ had been pursuing a criminal investigation into RBS and some of its employees responsible for selling mortgage-back securities.

Chancellor Philip Hammond said previous year that he was reluctant to sell shares while the DoJ probe had still to be resolved.

But the settlement that RBS and the office disclosed on Thursday was only civil in nature, signalling no criminal charges were likely to result. The announcement comes in the wake of RBS paying the California state attorney $125 million and the NY state attorney of $500 million to resolve similar investigations.

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