Thursday, January 26, 2017

Subprime crisis still haunts RBS

Royal Bank of Scotland will take another financial hit when it sets aside a further $4bn  for fines.

It has now put nearly $10bn in the kitty to pay a monster fine to the US Department of Justice.

It relates to the bank's role in the selling of risky mortgages - the so called subprime crisis - which was at the epicentre of the financial crisis.

This will plunge RBS, 72% owned by the public, further into the red.

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