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RBS takes £400m hit on forex rigging

From telegraph.co.uk

Royal Bank of Scotland has become the second UK bank to put aside hundreds of millions of pounds for expected fines related to currency rigging. The taxpayer-owned bank said it had made a £400m provision "relating to potential costs following investigations into the foreign exchange market". It also put aside another £100m for PPI compensation, following a higher than expected level of complaints in the third quarter of the year. The extra costs overshadowed impressive profits at RBS, which was bailed out with £45bn of taxpayer money in 2008. The Government still owns an 80pc share of the bank, with shares trading ... (full story)

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