The bank has said it is making an additional £1.5bn provision relating to US mortgage-backed securities, which does not include provisions for investigations by the Department of Justice or US Attorneys investigations. It is also making an additional provision of £500m for payment protection insurance mis-selling in the UK, for a total of £4.3bn in incurred costs and future provisions.

‘Clean-up’

With Chancellor George Osborne intending to sell the government's 73 per cent stake in the bank during this Parliament, RBS chief executive Ross McEwan said the bank will carry out a 'clean-up and improve our core business'. Source: Legal Business