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News Tag: Royal Bank of Scotland

November 27, 2012

Nationwide confirms interest in RBS branches

by Jan Harris
Nationwide confirms interest in RBS branches
Nationwide Building Society, Britain’s biggest mutual lender, has told Reuters news agency that it is interested in purchasing the portfolio of branches being sold by Royal Bank of Scotland. The acquisition would support Nationwide’s plan to start lending to small and medium-sized enterprises. Speaking to Reuters, Nationwide’s chief executive Graham Beale said: “Strategically we want to enter into the SME space. ...




November 16, 2012

Taxpayers may never recoup bank bailout money

by Jan Harris
Taxpayers may never recoup bank bailout money
UK taxpayers may never recover the £66bn spent by the government to bailout RBS and Lloyds Banking Group during the financial crisis, a parliamentary committee has warned. The government bought 40 per cent of Lloyds and 82 per cent of RBS in 2008, when the banks were at risk of collapse. Earlier that year it nationalised Northern Rock when the subprime mortgage ...




October 17, 2012

RBS initiates talks with Virgin Money over branches

by Jan Harris
RBS initiates talks with Virgin Money over branches
Royal Bank of Scotland (RBS) is seeking a new buyer for 316 branches after a deal with Santander fell through, and is believed to have approached Virgin Money. RBS is required the sell the branches under the EU conditions attached to the £45 billion bailout it received from the government when it came to the brink of collapse during ...




August 2, 2012

RBS may be fully nationalised

by Jan Harris
RBS may be fully nationalised
The Government is believed to be considering plans to buy the 18 per cent of the Royal Bank of Scotland (RBS) it doesn’t already own, bringing the bank under full public ownership. The government purchased 82 per cent of the bank for £45 billion in a rescue deal at the height of the credit crunch. The remaining 18 per cent is owned by ...




June 13, 2012

App enables cardless cash withdrawals at ATMs

by Jan Harris
App enables cardless cash withdrawals at ATMs
The Getcash smartphone app allows Royal Bank of Scotland and NatWest customers to withdraw money from a cash machine without using a card. Up to £100 a time can be withdrawn at 8,000 RBS, NatWest or Tesco branded ATMs, by customers who have downloaded the free app to their phone. This is significantly less than the £300 limit on a ...




May 9, 2012

Link ATMs will allow charity donations

by Jan Harris
Link ATMs will allow charity donations
Bank customers will be able to make donations to charity at 12,000 cash machines in the UK, under changes being launched this summer. The initiative is part of the government’s efforts to boost charitable giving and follows a consultation with UK banks. ATMs owned by Royal Bank of Scotland and Bank Machine will be the first to offer the new service ...




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 ...




February 1, 2012

Former RBS chief executive loses knighthood

by Jan Harris
Former RBS chief executive loses knighthood
Fred Goodwin, the former chief executive of the Royal Bank of Scotland (RBS), has been stripped of his knighthood for his role in the bank’s collapse during the 2008 credit crunch. The Queen formally approved the annulment of the honour yesterday, after it was decided Mr Goodwin’s award brought the honours system into disrepute. The decision is unprecedented as honours have formerly ...




January 30, 2012

Downing Street won’t micro-manage bonuses

by Jan Harris
Downing Street won’t ‘micro-manage bonuses’
Speaking to the BBC after the Royal Bank of Scotland’s chief executive announced his decision to forgo his bonus this year, the government has said that it will not block bonuses to the bank’s other executives. RBS chief executive Stephen Hester was awarded £963,000 in shares but following pressure from public opinion and MPs he decided to follow the example of ...




December 13, 2011

FSA releases report on RBS failure

by Jan Harris
FSA releases report on RBS failure
The Financial Services Authority has released its report into the near collapse of the Royal Bank of Scotland in 2008. The report finds that a combination of poor management decisions, inadequate monitoring by the FSA and the global systemic banking crisis, contributed to the bank’s failure. It highlights a number of key factors which led to the government having to prop ...




December 2, 2011

Lloyds backs down on ATM restrictions

by Jan Harris
Lloyds backs down on ATM restrictions
Following pressure from the Treasury Select Committee, people who hold basic bank accounts at Lloyds TSB will have access to thousands more cash machines from next year. Basic bank account holders are people who are not eligible to open a standard bank account because they have a poor credit score. In 2006 Lloyds TSB decided to restrict basic bank account holders ...




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, ...




March 8, 2011

RBS chief exec in line for £7.7m pay package

by Kay Mitchell
”RBS
The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million - taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. Finance director, Bruce Van Saun, ...




February 24, 2011

RBS posts 2010 loss of £1.13bn

by Kay Mitchell
”RBS
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 billion loss it reported for 2008 – which ...




February 16, 2011

Lloyds to close equity markets division

by Kay Mitchell
”Lloyds
Lloyds Banking Group has announced it will close down its Equity Markets division - as part of its strategy to dispose of non-core assets. The division has around a dozen employees and the announcement comes shortly after the bank said 200 jobs would go at its insurance arm. Since the onset of the financial crisis, the bank, which is 43% owned by ...