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RBS sets aside £3.1bn for new claims RBS faces £8bn in full year losses
(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 may face full-year losses of up to £8bn, after the bank said it needed another £3.1bn for claims relating to the financial crisis.
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 in the 80%-taxpayer owned bank dropped 3% on the news.
Shares fell 3% around the time the announcement was made. RBS boss Ross McEwan said: "The scale of the bad decisions during that period [the financial crisis] means that some problems are still just emerging."
RBS also said its executive committee would not receive a bonus for 2013. RBS said its executive committee would not receive a bonus for 2013, Mr McEwan has waived his bonus for 2013-14.
Mr McEwan has already said he would not take a bonus for 2013 and 2014. RBS said on Monday the £3.1bn it planned to set aside would be used to settle claims relating to mortgage products, PPI claims and interest rate hedging.
The BBC learned earlier this month that general discussions about bonuses had taken place with shareholders, including UK Financial Investments, the body that manages the government's shareholding in the bank.
RBS is 80%-owned by the UK taxpayer.
The controversy over bank bonuses flared up in Parliament earlier this month, with Labour demanding George Osborne block any attempt by RBS to pay bonuses of up to double its bankers' annual salary.
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RBS chairman Philip Hampton said: "RBS did suffer more than most banks in the crisis and these charges today represent an extra clearing-up of the mess that was created in the bank in the run-up to the financial crisis of 2008."
The announcement of the new provisions came near the end of share dealing in London.The announcement of the new provisions 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.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.""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.
RBS, has also, in common with most of its rivals, been fined for fixing the key Libor interest rate and has suspended traders amid an investigation into alleged rigging of the foreign exchange markets.RBS, has also, in common with most of its rivals, been fined for fixing the key Libor interest rate and has suspended traders amid an investigation into alleged rigging of the foreign exchange markets.
The BBC learned earlier this month that general discussions about bonuses had taken place with shareholders, including UK Financial Investments, the body that manages the government's shareholding in the bank.
The controversy over bank bonuses flared up in Parliament earlier this month, with Labour demanding George Osborne block any attempt by RBS to pay bonuses of up to double its bankers' annual salary.