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RBS sets aside £1.3bn for legal and redress costs

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Royal Bank of Scotland has posted a £2bn loss in the first half of the year and set aside £1.3bn for legal and redress costs.

The bank’s provisions cover missold payment protection insurance, a legal challenge relating to its rights issue in 2008, and an industry review of tracker mortgages in relation to its subsidiary Ulster Bank.

At the same last year the bank made a loss of £179m.

RBS chief executive Ross McEwan says: “We’re at the mid-way point in our five year plan and we’re making good progress.

“We are clearly in phase two of our strategy where our focus is on drawing a line under many of the legacy issues that have plagued this bank, and transforming the core business so we can deliver consistent, sustainable profits and results for our shareholders and do great things for our customers.”
RBS has also announced it no longer plans to separate out and list its Williams & Glynn business.

It now plans to sell the 300-strong branch network, with Santander understood to be bidding for the branches.

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