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| RBS sets aside £3.1bn for new claims | RBS sets aside £3.1bn for new claims |
| (35 minutes later) | |
| RBS says it will need to set aside another £3.1bn to settle claims relating to mortgage products, PPI claims and interest rate hedging. | RBS says it will need to set aside another £3.1bn to settle claims relating to mortgage products, PPI claims and interest rate hedging. |
| The bank's chief executive, Ross McEwan said: "The scale of the bad decisions during that period [the financial crisis] means that some problems are still just emerging." | |
| Shares fell 3% around the time the announcement was made. | |
| RBS also said its executive committee would not receive a bonus for 2013. | RBS also said its executive committee would not receive a bonus for 2013. |
| Mr McEwan has already said he would not take a bonus for 2013 and 2014. | |
| RBS is 80%-owned by the UK taxpayer. | |
| The announcement came near the end of share dealing in London. | |
| Ian Gordon, from Investec Securities, said the news was not entirely unexpected, but the amounts involved were: "Some of this is a pull forward of future bad news and some of this is additional. | |
| "Most of the items aren't surprising, but the amounts are at or above the top end of expectations." | |
| The cumulative amount set aside to cover the mis-selling of PPI, payment protection insurance, alone, is now £3.1bn, said RBS. | The cumulative amount set aside to cover the mis-selling of PPI, payment protection insurance, alone, is now £3.1bn, said RBS. |