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News Tag: RBS

October 22, 2012

Nationwide may bid for RBS branches

by Jan Harris
Nationwide may bid for RBS branches
There is growing speculation that Nationwide building society may be considering a bid for the 316 branches being sold by RBS group under EU rules. RBS was ordered to sell the branches under the terms of the £45 billion bailout it received from the UK government during the financial crisis. It had planned to sell the branches to Santander, but the ...




September 4, 2012

Direct Line close to separating from RBS

by Jan Harris
Direct Line close to separating from RBS
Direct Line Insurance has revealed that its separation from Royal Bank of Scotland (RBS) is ”substantially complete". In an upbeat announcement the insurer said that it expects profitability to soar following the separation. RBS is selling Direct Line under the conditions imposed by European regulators on its bailout by the UK government during the credit crunch. Direct Line, which includes ...




Banks warned to improve IT systems

by Jan Harris
Banks warned to improve IT systems
In the wake of the IT meltdown at the RBS group earlier this summer, the Treasury Select Committee is calling on banks to check their IT systems. The error occurred on 19 June during routine maintenance of the RBS computer system. It caused automated batch processing software to malfunction and although this was quickly fixed, the bank was left with a ...




August 24, 2012

RBS could receive higher fine than Barclays for rate-rigging

by Jan Harris
RBS could receive higher fine than Barclays for rate-rigging
The Royal Bank of Scotland could be more heavily involved in inter-bank rate fixing than Barclays, an MP has suggested. John Mann, a Labour MP on the Treasury select committee, speculated that RBS could receive a fine in excess of the £290 million incurred by Barclays, if the allegations prove true. A source from within RBS recently said that ...




July 17, 2012

Ulster Bank resumes normal service after IT glitch

by Jan Harris
Ulster Bank resumes normal service after IT glitch
Service at Ulster Bank should now be back to normal for most customers, following a computer failure almost a month ago at parent company RBS. The technical problem left 100,000 Ulster Bank customers without access to their accounts. NatWest and RBS customers also experienced problems after the computer failure on 19 June, but most of these accounts had been updated a ...




July 10, 2012

RBS to refund charges caused by computer failure

by Jan Harris
RBS to refund charges caused by computer failure
The Royal Bank of Scotland (RBS) has promised to refund any bank customers who suffered a loss as a result of the recent computer failure. Customers of other banks can claim if they have been affected, as well as the millions of Natwest, RBS and Ulster bank account holders who were unable to access their funds as a result of ...




July 4, 2012

£50,000 ‘lost’ following RBS computer glitch

by Jan Harris
£50,000 ‘lost’ following RBS computer glitch
Consumers and businesses are still suffering from the aftermath of the software failure which hit the RBS group two weeks ago. NIAVAC, a small Belfast-based firm claims that £50,000 in electronic payments has disappeared from its account with Ulster Bank. It was also revealed this week that some RBS and NatWest customers had duplicate debits taken from their accounts. It is believed ...




June 29, 2012

NatWest, RBS and Ulster Banks still affected by IT failure

by Jan Harris
NatWest, RBS and Ulster Banks still affected by IT failure
Some customers of NatWest, RBS and Ulster Bank are still experiencing difficulties in accessing their money, with problems caused by an IT failure dragging on into another weekend. Although the group claims that 99% of RBS and NatWest accounts are now up to date, hundreds of branches are opening with extended hours again this weekend to deal with ...




June 28, 2012

Barclays, RBS and LLoyds could face criminal investigations

by Jan Harris
Barclays, RBS and LLoyds face criminal investigation
Barclays, which has been fined £290m for misconduct by regulators in the UK and the US, could face criminal investigations, along with Royal Bank of Scotland and Lloyds Banking Group. Barclays received the record fine for allegedly manipulating Libor, the London interbank lending rate, and Euribor, the European interbank lening rate. The bank is believed to have given false information in ...




June 27, 2012

99% of RBS and NatWest accounts now updated

by Jan Harris
99% of RBS and NatWest accounts now updated
Most RBS and NatWest customers should now find that their accounts are up to date, although Ulster Bank customers may still be experiencing difficulties following the computer problems which started more than a week ago. With 99% of RBS and NatWest accounts updated, the banking group will turn its attention to Ulster Bank, whose customers are still suffering delays. It ...




June 25, 2012

NatWest customers still facing problems

by Jan Harris
NatWest customers still facing problems
Last week’s computer error is expected to continue causing problems for customers of Royal Bank of Scotland, NatWest and Ulster Bank until Tuesday, the bank said yesterday. The problems started after a software update was carried out on Tuesday. The update stopped transactions going in and out of customers’ accounts during the night, leaving customers unable to access their money. Although the ...




March 27, 2012

Government in talks with Abu Dhabi over RBS

by Jan Harris
Government in talks with Abu Dhabi over RBS
The UK government is negotiating with Abu Dhabi sovereign wealth funds over the sale of a stake in Royal Bank of Scotland (RBS), the BBC reported yesterday. It is believed that Abu Dhabi, which is part of the oil-rich United Arab Emirates, could buy up to a third of the government’s 82% stake in the UK bank. With RBS ...




February 23, 2012

RBS chief defends bonuses despite £2bn loss

by Jan Harris
RBS chief defends bonuses despite £2bn loss
Royal Bank of Scotland made a loss of nearly £2 billion last year but still paid out £785 million in bonuses to staff, including £390 million to investment bankers. The average bonus per group employee was £5,346, but the bank’s 17,0000 investment bankers received an average bonus of £22,941. Bankers’ bonuses have come under intense scrutiny since the start of the ...




October 13, 2011

Fitch downgrades Lloyds and RBS credit ratings

by Kay Mitchell
”Fitch
Credit ratings agency Fitch has today downgraded two UK banks and placed one on a negative watch. Fitch downgraded Lloyds and Royal Bank of Scotland’s (RBS) long-term credit rating to an A rating from AA-. It also placed Barclays on a negative watch, meaning a downgrade is possible in the future. In a statement, Fitch said: "The banking system is not only large ...




September 5, 2011

Stocks down as RBS faces US lawsuit

by Kay Mitchell
”Stocks
Shares in Royal Bank of Scotland (RBS) lost 10% today after it emerged that the bank is being sued by America’s Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA was established in July 2008 when Fannie Mae and Freddie Mac had to be rescued which, at the time, represented one of the most major ...




August 17, 2011

RBS stops some customers from using rival ATMs

by Kay Mitchell
”RBS
The Royal Bank of Scotland (RBS) has barred some of its customers from using rival cash machines because the bank incurs a charge each time. The decision will affect almost a million people with basic bank accounts who do not have access to an overdraft or a cheque book. With immediate effect, they will only be able to withdraw money from ...




August 5, 2011

RBS H1 profits hit by Greek crisis and PPI costs

by Kay Mitchell
”RBS
The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a loss. RBS lent money ...




June 21, 2011

RBS sued over US mortgage bonds

by Kay Mitchell
”RBS
Royal Bank of Scotland (RBS) is being sued by a division of the US Government for millions of dollars over failed US mortgage bonds - residential mortgage-backed securities (RMBS). Investors lost hundreds of billions of dollars when these types of investments went sour and resulted in the financial crisis in autumn 2008. RBS, which is 84% owned by the British taxpayer, ...




March 23, 2011

RBS offloads Spanish property portfolio

by Kay Mitchell
’RBS
The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell a portfolio of Spanish real estate loans and assets to Perella Weinberg Real Estate Fund I LP, in a deal worth £247 million (€286 million). RBS has been selling assets under the orders of the European Commission, as a punishment of ...




March 18, 2011

RBS discloses pay details for 323 key staff

by Kay Mitchell
”RBS
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year - after already divulging its chief executive, Stephen Hester, received a pay package worth £7.7 million. However, ...