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.


FrenchTribune Specials

SpaceX Dragon Capsule returns to Pacific Ocean after completing resupply mission

On Thursday, Robotic SpaceX Dragon ended the longest-lasting Dragon resupply mission to the International Space Station (ISS).

The craft lifted off from Earth on April 14, atop a Falcon 9 rocket and spent five weeks at the space station. It was as packed with 4,300 pounds of food, supplies, and experiments for space travelers aboard the...

Most Popular

Coffee lowers risk of erectile dysfunction: study suggests

Drinking two to three cups of coffee a day lowers risk...

Caltech astronomers uncover new data into origins of Type Ia supernova

According to a study published in the journal Nature, a...

U.S. still relies on Russia for rocket engines

Diplomatic relations between the United States and...

Senator Matt Canavan criticises Greenpeace for false advertising

Rockhampton-basedSenator Matt Canavan has criticised...

Poll

Can Greece Come out of Economic Problems: