| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : UK Economy Last Updated: Nov 2, 2012 - 4:18 PM

RBS and subsidiary Ulster Bank report third quarter losses
By Finfacts Team
Nov 2, 2012 - 10:44 AM

Email this article
 Printer friendly page

Royal Bank of Scotland (RBS) said on Friday that it will probably face US financial penalties connected to the London interbank offerred rate (LIBOR) rate-rigging scandal, as the British bank reported a net loss in the third quarter of the year. It also added a £400m sterling charge to cover the cost of the scandal of mis-sold payment protection insurance (PPI) claims, to bring the total provision to £1.7bn. Meanwhile, subsidiary Ulster Bank said it has provided €103m for costs associated with the crash of RBS's IT systems  earlier this year, which the bank called a ''technology incident."

Ulster Bank said its provision covers all operational costs associated with the crash, as well as redress of €52m to 750,000 customers across Ireland.

RBS took an accounting charge of £1.5bn on the value of the bank's own debt, while a year ago the result was boosted by a bigger gain on the value of own debt.

RBS reported a loss of £1.4bn for the July-September quarter, compared to a profit of £1.2bn a year earlier.

Group operating profit of £1.05bn was up from £2m a year ago, and revenue income rose 6% to £6.4bn.

RBS, which is 82% owned by the British government after receiving a bailout during the recent financial crisis, is under investigation by a number of US regulators, including the Department of Justice and Commodity Futures Trading Commission in the United States, about the role of some of its employees in the potential manipulation of LIBOR.

Ulster Bank reported an operating loss of €306m for the three months to the end of September.

The bank said its bad debt charges remained high and they rose marginally to €415m in the third quarter from the same time last year.

Ulster Bank said that customer deposits were flat in the third quarter compared to the second, and the IT systems crash had not impacted flows. It added that retail and SME balances increased marginally in the three month period.

On an annual basis, loans to customers fell by 3% due to weak customer demand. while customer deposits declined by 8% due to outflows of wholesale balances related to market volatility and the impact of a rating downgrade in the second half of 2011.

The bank reported a third quarter operating profit - - before impairment charges - -  of €110m, up 12% on the previous quarter.

Check out our subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

UK Economy
Latest Headlines
UK in 28th rank of 30 advanced OECD nations for health resourcing: Economist Intelligence Unit
Business on a Shoestring: Keeping startup costs low in UK and Ireland
UK "underlying growth has stopped"
41,000 London properties held by foreign companies - 90% in tax havens
UK GDP rose 2.6% in 2014 up from 1.7% in 2013
Northern Ireland private economy contracted in December 2014
Northern Ireland may have a 12.5% corporation tax rate from 2017
UK moves ahead on 'Google tax' despite criticism
PwC charged with "selling tax avoidance on an industrial scale"; indulging in "scams"
Income inequality damages economies; Rich-poor gap highest in 30 years
Cameron warns of risk of another global recession
Only 80,000 of 1.1m UK jobs added since 2008 were full-time employee positions
UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
Germany and UK agree to restrict 'patent box' tax incentives to local R&D
German retailer Aldi to create 35,000 new jobs in UK by 2022
UK GDP growth slowed in the three months to September
UK retail sales fell in September; Tesco, Debenhams, Foxtons report market stress
UK faces more austerity and less chance of tax cuts
Globalization, the underclass and the need for a new model - Part 2
Northern Ireland PMI shows sharp increase in activity
UK economic growth revised up - above pre-recession level
London world’s most expensive city for companies to locate employees
UK retail sales in August best performance since January
UK economy added more net jobs in past 4 years than rest of the EU combined
UK to announce stiffer penalties for offshore tax evaders
UK economy since launch of the euro in 1999
IMF says British pound overvalued
UK profit warnings reach highest first half total since 2011
UK GDP up 3.1% in 12 months to end Q2 2014; Economy overtakes pre-crisis 2008 peak
Wealthy foreign students overtake finance professionals as renters in prime Central London areas
UK attracts most inward investment projects since records began in 1980s
Trends in UK and US part-time and self employment since 2008
UK labour participation at 73% - highest in decade; US at 63% - lowest since 1978
More than 20,000 client names of Jersey tax haven bank leaked
UK house prices overtook their 2007 peak in Q2 2014
UK recovery continues at robust pace
UK employment rose again at a record pace in the three months to April
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
Overseas visits to London in 2013, up 43.5% in 10 years
UK economy grew 0.8% in Q1 2014; Almost back to 2008 peak