Tuesday 17 January 2017

Greece and Ireland impact losses at RBS bank

Independent.ie reporters

Published 05/08/2011 | 10:30

Bailed out Royal Bank of Scotland slid into the red in the second quarter posting losses of £678m (€780m) driven by losses on Greek government bonds and little signs of improvement at its Irish Ulster Bank subsidiary.

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The loss compared with a profit of £1.17bn in the same period last year as impairment changes on bad loans rose to €2.3bn.

RBS, which is 83pc owned by the British government, has made provisions of £733m for exposure to Greek bonds while the impairment change at Ulster Bank was €1.25bn, a slight improvement on the same period last year.

Earnings were also hit by a further £850m in provisions provision to cover the costs of compensating customers who were mis-sold payment protection insurance.

Ulster Bank made a profit of £80m compared with £104m a year earlier while it loaned 5pc less to customers in the same period.

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