Royal Bank Of Scotland Announces Addl. Provision Of $3.1 Bln For U.S. Litigation

(RTTNews) - Royal Bank of Scotland Group plc (RBS, RBS.L) Thursday announced additional provision of 3.1 billion pound or $3.1 billion in the fourth quarter for various investigations and litigation matters relating to RBS's issuance and underwriting of U.S. residential mortgage-backed securities. As on December 31, such provisions totalled 6.7 billion pounds or $8.3 billion.

The company noted that such provision would have reduced RBS's Tangible Net Asset Value per share at September 30, 2016 by 27p to 311p.

RBS said it continues to cooperate with the US Department of Justice in its civil and criminal investigations of RMBS matters.