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RBS sets aside further £3.1bn over US mortgages investigations

Royal Bank of Scotland

The Royal Bank of Scotland (RBS) has set aside a further £3.1bn provision for various investigations and litigation matters regarding its issuance and underwriting of US residential mortgage-backed securities (RMBS).

The bank stated that its 2016 fourth-quarter results – expected to be published on 24th February – would, subject to any increase being required by intervening developments, now reflect this provision, but emphasised that further provisions and costs may be recognised.

This latest addition brings the bank’s total aggregate of such provisions to £6.7bn as of 31st December 2016.

Ross McEwan, chief executive officer at RBS, said: "Putting our legacy litigation issues behind us, including those relating to RMBS, remains a key part of our strategy.

“It is our priority to seek the best outcome for our shareholders, customers and employees."

RBS stated that it would continue to cooperate with the US Department of Justice in its civil and criminal investigations of RMBS matters.

The duration and outcome of the investigations and other RMBS litigation remains uncertain, as well as whether settlements may be reached for any of the issues.

The announcement comes less than a month after RBS revealed it lent over £155.2bn during the second quarter of 2016.

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