Royal Bank of Scotland announces £1.5 billion loss
Royal Bank of Scotland has today announced a £1.5 billion loss for the third quarter after a massive jump in bad debt write-offs which saw the company receive £33.5 billion in additional state funding this week. Despite the fact the UK government has ploughed billions upon billions of pounds of taxpayer's money into Royal Bank of Scotland already it seems that the business is still struggling and the company is still under financial pressure.
The main issues relate to bad debt write-offs which rose from £2.7 billion in the same period last year to a massive £10.8 billion. There was also an increase in impairment charges from £1.28 billion to £3.3 billion for the nine months of the current financial year. The business is now 84% owned by the UK government on behalf of UK taxpayers and despite promises that the bank is improving there is little sign of this so far.
There will be major changes at Royal Bank of Scotland in the short to medium term with the government's announcement this week that the bank will need to sell off significant assets and a large portion of its branch network. The Royal Bank of Scotland we will see next year will be very different to the one which became the largest bank in the world only two years ago.
Share this..
Related stories
Overspending Brits 'need educating'
Britons have a "serious lack of understanding" about financial matters, an expert has claimed.Financial advice website CreditExpert's manager director, Jim Hodgkins, made the comment in response to a survey conducted by financial market research firm Experian showing that 80 per cent of Britons admit to regularly overspending.The survey revealed that 24 per cent of Britons said they found their sp...
Read MoreCorus cuts 2500 steel jobs in dark day for industry
Steel giant Corus has today revealed plans to cut 2500 jobs from its UK operations and over 1000 jobs from its operations in Holland. While many people believe this was on the cards sometime ago, with the company looking at closing various steel plants around the world, the size of the redundancies has come as something of a surprise. However, when you consider that the worldwide economy has taken...
Read More2.3m Brits struggling due to zero hour contracts
24/03/2015 Research from the Debt Advisory Centre (DAC) has shown that 2.3 million people in the UK are struggling with fluctuating incomes due to zero hours, flexible or temporary contracts. The research showed that 9.5 million people in the UK are on a contract were their income fluctuates week to week, and 2.3 million of these are struggling with debt because of it. A zero hour contra...
Read MoreTory MP quits over expenses claim
In yet another bit of swift manoeuvring by David Cameron it was revealed that Conservative MP Andrew Mackay has today quit as his aide after an "unacceptable" expenses claim. While specific aspects of the claim have yet to be aired in public it is alleged to have involved the art of "flipping" primary and secondary properties. This comes at a time when the Labour Party appears to be dragging its h...
Read MoreInternational Monetary Fund considers raising cash in the bond markets
In a move which has not been seen before, the International Monetary Fund (IMF) is today considering tapping the worldwide debt markets for further funding. While it seems inevitable that the IMF will see significant funding increases in the short to medium term, with the G 20 Summit set to discuss the figures in question, there are concerns about the possibility of pushing borrowing costs higher...
Read More