Royal Bank of Scotland has agreed a $4.9bn (£3.6bn) penalty with the US Department of Justice to end an investigation into sales of financial products in the run-up to the financial crisis, clearing the way for the United Kingdom government to sell its 71% stake in the bank. The British government insisted that the US claims had to be resolved before it could sell its 72 percent stake in RBS.
The letter also said RBS hoped to finalise in the next few weeks with the independent third party Blackburne, how the process should work and whether he will take on the role of hearing consequential loss appeals.
"The number is a firm number", Stevenson said.
RBS said $3.46bn, £2.5bn, of the proposed civil settlement will be covered by existing provisions and the bank will take a $1.44bn U.S. dollar hit in its second quarter results.
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The bank past year settled a similar case with the U.S. Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, for $5.5 billion.
That suit ended on March 29, when Barclays reached an agreement with the Trump Justice Department to pay the same $2 billion it had offered the prior administration.
Once the world's largest bank by assets, RBS was one of the biggest casualties of the financial crisis which crippled credit, stock and housing markets and upended the global economy.
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"Today's announcement is a milestone moment for the bank", said RBS chief executive Ross McEwan. As per reliable sources, the regional government had confirmed that the process of reprivatizing the bailed-out lender is soon to commence via the sale of 3 billion pounds of shares before the culmination of the 2018-2019 fiscal year.
RBS said the settlement was agreed on Wednesday night and most of the sum is already covered. It had already paid just over $7 billion in other settlements with various USA authorities. "I'd like to see much of that ploughed into the bank's IT systems", said the investor, who asked not to be named.
Neil Wilson, chief market analyst at Markets.com, said: "It's a happy day for RBS, with the DoJ settlement coming in well below what we had feared".
RBS has already paid mortgage-related penalties of $5.5 billion to the FHFA, $1.25 billion to the National Credit Union Administration, $500 million to the NY attorney general's office and $150 million to the Securities and Exchange Commission.
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