RBS Sets Aside Additional 400 Million for PPI Claims

RBS Sets Aside Additional 400 Million for PPI Claims

Royal Bank of Scotland has set aside additional 400 million pounds for the PPI claims. Chief Executive Stephen Hester informed that the bank has 1.7 billion pounds to cover the cost of claims for mis-sold insurance to consumers.

RBS has 80% UK government holding. Mr. Stephen Hester said that the bank is progressing in the right direction, despite the losses. The bank has also set aside additional 50 million pounds to compensate consumers who suffered due to computer system failure, taking the total figure to 175 million.

Not considering the write-offs and other charges, RBS has generated additional 1 billion pounds in profit during the first three quarters of current financial year at 2.9 billion. RBS also expects to finish with the restructuring within next 18 months.

The bank also expects to settle the Libor scandal issue with regulators within a month. Lloyds and HSBC are also facing trouble due to alleged involvement in Libor scandal.

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