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RBS announces major bank 'clean-up' RBS 'clean-up' to push it into 2015 loss
(35 minutes later)
RBS announces a "clean-up" plan in which it puts aside more money for the PPI mis-selling scandal and for bad debts. A "clean-up" plan announced by RBS is set to hit annual profit by £2.5bn and will push it into a loss for 2015.
In a statement, the bank said it was setting aside another £500m to pay for PPI and £1.5bn for bad housing debts in the US. In a statement, the taxpayer-backed bank said it was setting aside another £500m to pay for PPI and £1.5bn for bad housing debts in the US.
A change in the way it runs its pension policy will also add a cost of £4.2bn to its main pension scheme.
In addition, it will write down £498m from its private bank Coutts.In addition, it will write down £498m from its private bank Coutts.
"I am determined to put the issues of the past behind us and make sure RBS is a stronger, safer bank," chief executive Ross McEwan said."I am determined to put the issues of the past behind us and make sure RBS is a stronger, safer bank," chief executive Ross McEwan said.
"We will now continue to move further and faster in 2016 to clean-up the bank and improve our core businesses." "We will now continue to move further and faster in 2016 to clean up the bank and improve our core businesses."
The bank is also speeding up a plan, already announced, to change the way it runs its pension plan, which means the charge of £4.2bn will come earlier than anticipated.
RBS is 73% owned by the government as a result of a bailout during the financial crisis.
The bank is due to announce its results on 26 February.