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Final Results - Part 6 of 6

27 Feb 2014 07:01

RNS Number : 0694B
Royal Bank of Scotland Group PLC
27 February 2014
 



 

 

 

 

 

 

 

 

 

Appendix 1

 

RBS Capital Resolution ('RCR')

 

 

 

Appendix 1 RBS Capital Resolution

 

Background

In June 2013, in response to a recommendation by the Parliamentary Commission on Banking Standards, the UK Government announced it would review the case for an external 'bad bank', based on three objectives as originally outlined by the Chancellor:

 

·

accelerating the return of RBS to the private sector;

·

supporting the British economy; and

·

best value for the taxpayer.

 

Following this announcement, RBS worked closely with HM Treasury ('HMT') and its advisers to identify a pool of assets with particularly high long-term capital intensity, credit risk, low returns and/or potential stress loss in varying scenarios. The balance of this identified pool was £47 billion as at 30 June 2013. The pool was forecast to be c.£38 billion of assets as at 31 December 2013, which together with derivatives were forecast to attract c.£116 billion of RWA equivalents.

 

HMT published its report on 1 November 2013. The review concluded that the effort, risk and expense involved in the creation of an external bad bank could not be justified. It also concluded that "RBS's existing provisions and levels of capital deducted suggested that projected future losses are appropriately covered".

 

As a result, and in line with its new strategic direction set out on 1 November 2013, RBS announced the creation of RBS Capital Resolution ('RCR') to separate and wind down RBS's high capital intensive assets. RCR will bring assets under common management and was established with the following principles:

 

·

removing risk from the balance sheet in an efficient, expedient and economic manner;

·

reducing the volatile outcomes in stressed environments; and

·

accelerating the release of capital through management and exit of the portfolio.

 

The RCR division created with effect from 1 January 2014 is of a similar size to the ex Non-Core division, but the assets were selected on a different basis and no direct comparisons should be drawn. RCR assets were selected on the basis of long term capital intensity whereas the Non-Core assets were selected based on five strategic tests.

 

 

Going forward, as part of its external reporting, the Group will provide comprehensive and transparent disclosures on the progress of RCR, including funding and capital employed and released. Furthermore, a Board Oversight Committee ('BOC'), has been set up, reporting directly to the Group Board, to report on adherence to asset management principles and recommend changes to strategy where appropriate. The BOC comprises a quorum of any two of the Chairman of the Group Board, the Senior Independent Director, the Chair of the Group Audit Committee and the Chair of the Board Risk Committee.

 

While there are inevitable uncertain market and execution risks associated with running down such assets, it is RBS's aspiration, subject to shareholder value, to remove most of these assets and capital from the balance sheet in three years. RCR will target a reduction in funded assets to c.£23 billion by the end of 2014; to between £15 billion and £11 billion by the end of 2015 and to less than £6 billion by the end of 2016. RCR is expected to be Common Equity Tier 1 ('CET1') accretive over its life and neutral for shareholder value, taking into account future regulatory capital requirements.

 

 

Appendix 1 RBS Capital Resolution

 

The RCR pool of assets was forecast to be c.£38 billion and c.£116 billion RWAe(1) at its inception on 1 January 2014 based on 30 June 2013 data. Since this forecast was made:

 

·

£4.6 billion of impairments and other adjustments were recorded in respect of non-performing and other assets as a result of the change in realisation strategy noted above, with capital impact of £37 billion RWAe. The increased impairments relate to certain of the impaired or non-performing assets transferred to RCR, and reflect the revised holding strategy which has led to adverse changes in our estimates of future cash flows.

·

there were materially higher levels of disposal activity and recoveries (£5 billion) in Non-Core than had been forecast based on 30 June 2013 data, with a capital impact of £14 billion reduction in RWAe.

 

In aggregate these two factors reduced the opening funded assets by £9 billion to £29 billion and RWAe by £51 billion to £65 billion. This reduction in funded assets in the second half of the year, particularly the disposals, has also resulted in a corresponding decrease in the Group's funding requirements.

 

At 1 January 2014, 48% of the portfolio's funded assets are from Non-Core (excluding Ulster Bank), 17% from Ulster Bank (Core and Non-Core) and the remainder are from UK Corporate, International Banking and Markets.

 

£12 billion of assets with RWAe of £11 billion managed by Non-Core have been returned to the relevant Core divisions because they did not meet the risk and capital criteria for RCR.

 

RCR commenced on 1 January 2014 and its first results will be reported separately in the Group's first quarter 2014 results.

 

Roll forward of funded assets

Note

£bn 

Estimated balance at 30 June 2013

46.8 

Disposals

(a)

(6.0)

Run-off

(b)

(4.8)

Impairments

(c)

(5.2)

Other

(d)

(1.9)

Balance at 31 December 2013

28.9 

 

Notes:

(a)

Disposals in the second half of the year, predominantly in Non-Core.

(b)

Represents repayments and amortisations, partially offset by draw down of facilities across the portfolios.

(c)

Includes all impairments in the second half of 2013, predominately in Non-Core, and reflects increased impairments relating to the creation of RCR and the related strategy.

(d)

Other includes fair value adjustments, foreign exchange movements (£1.2 billion) and finalisation of the asset pool.

 

 

 

 

(1) RWA equivalent (RWAe) is an internal metric that measures the equity capital employed in divisions. RWAe converts both performing and non-performing exposures into a consistent capital measure, being the sum of the regulatory RWAs and the regulatory capital deductions, the latter converted to RWAe by applying a multiplier. The Group applies a CET 1 ratio of 10%, consistent with that used for divisional return on equity measure; this results in an FLB3 RWAe conversion multiplier of 10.

 

Appendix 1 RBS Capital Resolution

 

Roll forward of FLB3 RWAe

 

 

 

Note

£bn 

Estimated balance at 30 June 2013

136.8 

Disposals

(a)

(11.9)

Run-off

(b)

(10.9)

Impairments

(c)

(45.1)

Other

(d)

(3.9)

Balance at 31 December 2013

65.0 

 

Notes:

(a)

Includes all aspects relating to disposals including associated removal of deductions from regulatory capital.

(b)

Represents RWAe on repayments and amortisations, partially offset by draw down of facilities across the portfolios.

(c)

RWAe impairment charge.

(d)

Other includes fair value adjustments; changes to inputs for RWA calculation (including LGD, PD, and slotting category); the implementation of a new RWA model or modification of an existing model approved by the PRA, foreign exchange movements and finalisation of the asset pool.

 

The £18 billion decrease in funded assets in the second half of the year resulted in a significantly higher reduction of £72 billion in RWAe. This was due to:

 

·

impairments of £5 billion recognised in the second half of 2013 resulted in a lower capital deduction for the excess of expected loss over provisions. Allowing for a restriction in provisions allowable against expected losses, the benefit was £4.5 billion or £45 billion of RWAe.

 

·

disposals of £6 billion resulting in RWAe of £12 billion.

 

·

run-off of £5 billion with a corresponding RWAe of £11 billion.

 

Capital deductions comprised expected losses less impairment provisions (31 December 2013 - £1,774 million; 30 June 2013 - £6,047 million) and allocation of defined pension fund deficit (31 December 2013 - £58 million; 30 June 2013 - £38 million).

 

Additional details are set out on the following pages.

 

Appendix 1 RBS Capital Resolution

 

Impact of the revised strategy

The impact of the revised strategy on key metrics of the Group is set out below.

Rest of the 

Group 

RCR 

 Group 

Funded assets

£bn 

£bn 

£bn 

Non-Core

28.0 

16.2 

11.8 

Ulster Bank

28.0 

2.5 

25.5 

UK Corporate

105.0 

5.3 

99.7 

International Banking

48.5 

2.2 

46.3 

Markets

212.8 

2.7 

210.1 

Other divisions

317.5 

317.5 

739.8 

28.9 

710.9 

Risk elements in lending

Non-Core

19.0 

17.3 

1.7 

Ulster Bank

8.5 

3.8 

4.7 

UK Corporate

6.2 

2.3 

3.9 

International Banking

0.5 

0.5 

Markets

0.3 

0.3 

Other divisions

4.9 

4.9 

39.4 

24.2 

15.2 

Impairment provision

Non-Core

13.8 

13.0 

0.8 

Ulster Bank

5.4 

2.2 

3.2 

UK Corporate

2.8 

0.9 

1.9 

International Banking

0.3 

0.2 

0.1 

Markets

0.3 

0.3 

Other divisions

2.6 

2.6 

25.2 

16.6 

8.6 

 

Appendix 1 RBS Capital Resolution

 

Estimated funded assets (third party assets excluding derivatives or TPA) and RWAe of RCR

Analysis of the funded assets and RWAe of RCR at 31 December 2013 and the related position at 30 June 2013 (the starting point for the identification of the portfolios of RCR) are set out below.

 

 

 
Non-performing (1)
 
Performing (1)
 
Total
 
Gross
Net 
RWAe 
 
Capital 
 
Gross
Net 
RWAe 
 
Capital 
 
Gross 
Net 
RWAe 
 
Capital 
TPA 
 TPA 
RWA 
deducts 
TPA 
 TPA 
RWA 
deducts (2)
 TPA 
 TPA 
RWA
deducts
31 December 2013
£bn 
£bn 
£bn 
£bn 
£m 
 
£bn 
£bn 
£bn 
£bn 
£m 
£bn 
£bn 
£bn 
£bn 
£m 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Core
18.4 
5.8 
4.7 
0.5 
413 
 
10.8 
10.4 
21.5 
23.2 
(170)
 
29.2 
16.2 
26.2 
23.7 
243 
Core
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ulster Bank
3.9 
1.8 
6.3 
0.2 
610 
 
0.8 
0.7 
1.9 
1.9 
 
4.7 
2.5 
8.2 
2.1 
613 
UK Corporate
2.3 
1.6 
3.5 
353 
 
3.9 
3.7 
8.0 
8.0 
 
6.2 
5.3 
11.5 
8.0 
353 
International Banking
0.5 
0.4 
1.8 
178 
 
1.9 
1.8 
4.5 
4.3 
23 
 
2.4 
2.2 
6.3 
4.3 
201 
Markets
0.4 
0.1 
0.9 
91 
 
2.6 
2.6 
11.9 
8.6 
331 
 
3.0 
2.7 
12.8 
8.6 
422 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Core
7.1 
3.9 
12.5 
0.2 
1,232 
 
9.2 
8.8 
26.3 
22.8 
357 
 
16.3 
12.7 
38.8 
23.0 
1,589 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total RCR
25.5 
9.7 
17.2 
0.7 
1,645 
 
20.0 
19.2 
47.8 
46.0 
187 
 
45.5 
28.9 
65.0 
46.7 
1,832 
 
30 June 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Core
22.3 
11.8 
39.4 
2.2 
3,716 
 
17.9 
17.9 
31.6 
38.4 
(666)
 
40.2 
29.7 
71.0 
40.6 
3,050 
Core
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ulster Bank
5.1 
2.8 
12.9 
0.8 
1,207 
 
1.4 
1.4 
5.2 
3.8 
149 
 
6.5 
4.2 
18.1 
4.6 
1,356 
UK Corporate
2.9 
2.5 
7.6 
762 
 
4.6 
4.6 
12.3 
9.6 
265 
 
7.5 
7.1 
19.9 
9.6 
1,027 
International Banking
0.9 
0.6 
3.2 
323 
 
2.4 
2.4 
4.8 
4.2 
59 
 
3.3 
3.0 
8.0 
4.2 
382 
Markets
 
2.8 
2.8 
19.8 
17.1 
270 
 
2.8 
2.8 
19.8 
17.1 
270 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Core
8.9 
5.9 
23.7 
0.8 
2,292 
 
11.2 
11.2 
42.1 
34.7 
743 
 
20.1 
17.1 
65.8 
35.5 
3,035 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total RCR
31.2 
17.7 
63.1 
3.0 
6,008 
 
29.1 
29.1 
73.7 
73.1 
77 
 
60.3 
46.8 
136.8 
76.1 
6,085 
 
 

Notes:

(1)

Performing assets are those with an internal asset quality band (AQ) of 1 - 9; and non-performing assets are in AQ 10 with a probability of default being 100%.

(2)

The negative capital deductions are a result of the latent loss provisions held in respect of the performing portfolio.

 

 

 

 

 

 

 

 

 

 

 

Appendix 2

 

Income statement reconciliations

 

 

Appendix 2 Income statement reconciliations

 

Year ended

31 December 2013

31 December 2012

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

reallocation 

reallocation 

£m 

£m 

£m 

£m 

£m 

£m 

Interest receivable

16,740 

16,740 

18,530 

18,530 

Interest payable

(5,748)

(11)

(5,759)

(7,113)

(15)

(7,128)

Net interest income

10,992 

(11)

10,981 

11,417 

(15)

11,402 

Fees and commissions receivable

5,460 

5,460 

5,709 

5,709 

Fees and commissions payable

(942)

(942)

(833)

(1)

(834)

Income from trading activities

2,651 

34 

2,685 

3,533 

(1,858)

1,675 

Gain on redemption of own debt

175 

175 

454 

454 

Other operating income

1,281 

117 

1,398 

2,259 

(2,724)

(465)

Non-interest income

8,450 

326 

8,776 

10,668 

(4,129)

6,539 

Total income

19,442 

315 

19,757 

22,085 

(4,144)

17,941 

Staff costs

(6,882)

(281)

(7,163)

(7,377)

(811)

(8,188)

Premises and equipment

(2,233)

(115)

(2,348)

(2,096)

(136)

(2,232)

Other administrative expenses

(2,947)

(4,297)

(7,244)

(2,899)

(2,694)

(5,593)

Depreciation and amortisation

(1,251)

(159)

(1,410)

(1,482)

(320)

(1,802)

Write-down of goodwill and other intangible assets

(1,403)

(1,403)

(124)

(124)

Operating expenses

(13,313)

(6,255)

(19,568)

(13,854)

(4,085)

(17,939)

Profit before impairment losses

6,129 

(5,940)

189 

8,231 

(8,229)

Impairment losses

(8,432)

(8,432)

(5,279)

(5,279)

Operating (loss)/profit

(2,303)

(5,940)

(8,243)

2,952 

(8,229)

(5,277)

 

 

Appendix 2 Income statement reconciliations

 

 

Year ended

31 December 2013

31 December 2012

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

reallocation 

reallocation 

£m 

£m 

£m 

£m 

£m 

£m 

Operating (loss)/profit

(2,303)

(5,940)

(8,243)

2,952 

(8,229)

(5,277)

Own credit adjustments (1)

(120)

120 

(4,649)

4,649 

Payment Protection Insurance costs

(900)

900 

(1,110)

1,110 

Interest Rate Hedging Products redress and related costs

(550)

550 

(700)

700 

Regulatory and legal actions

(2,394)

2,394 

(381)

381 

Integration and restructuring costs

(656)

656 

(1,415)

1,415 

Gain on redemption of own debt

175 

(175)

454 

(454)

Write-down of goodwill

(1,059)

1,059 

(18)

18 

Asset Protection Scheme (2)

(44)

44 

Amortisation of purchased intangible assets

(153)

153 

(178)

178 

Strategic disposals

161 

(161)

113 

(113)

Bank levy

(200)

200 

(175)

175 

Write-down of other intangible assets

(344)

344 

(106)

106 

RFS Holdings minority interest

100 

(100)

(20)

20 

Loss before tax

(8,243)

(8,243)

(5,277)

(5,277)

Tax charge

(382)

(382)

(441)

(441)

Loss for continuing operations

(8,625)

(8,625)

(5,718)

(5,718)

Profit/(loss) from discontinued operations, net of tax

148 

148 

(172)

(172)

Loss for the period

(8,477)

(8,477)

(5,890)

(5,890)

Non-controlling interests

(120)

(120)

136 

136 

Preference share and other dividends

(398)

(398)

(301)

(301)

Loss attributable to ordinary and B shareholders

(8,995)

(8,995)

(6,055)

(6,055)

 

Notes:

(1)

Reallocation of £35 million gain (2012 - £1,813 million loss) to income from trading activities and £155 million loss (2012 - £2,836 million loss) to other operating income.

(2)

Reallocation to income from trading activities.

 

 

Appendix 2 Income statement reconciliations

 

 

Quarter ended

31 December 2013

30 September 2013

31 December 2012

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

reallocation 

reallocation 

reallocation 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

Interest receivable

3,973 

3,973 

4,207 

4,207 

4,439 

4,439 

Interest payable

(1,206)

(3)

(1,209)

(1,424)

(3)

(1,427)

(1,663)

(3)

(1,666)

Net interest income

2,767 

(3)

2,764 

2,783 

(3)

2,780 

2,776 

(3)

2,773 

Fees and commissions receivable

1,370 

1,370 

1,382 

1,382 

1,374 

1,374 

Fees and commissions payable

(244)

(244)

(238)

(238)

(244)

(1)

(245)

Income from trading activities

162 

15 

177 

599 

(155)

444 

571 

(97)

474 

(Loss)/gain on redemption of own debt

(29)

(29)

13 

13 

Other operating income

(115)

146 

31 

368 

(333)

35 

365 

(138)

227 

Non-interest income

1,173 

132 

1,305 

2,111 

(475)

1,636 

2,066 

(236)

1,830 

Total income

3,940 

129 

4,069 

4,894 

(478)

4,416 

4,842 

(239)

4,603 

Staff costs

(1,539)

(2)

(1,541)

(1,758)

(137)

(1,895)

(1,379)

(277)

(1,656)

Premises and equipment

(614)

(86)

(700)

(540)

(4)

(544)

(524)

(68)

(592)

Other administrative expenses

(785)

(3,175)

(3,960)

(683)

(420)

(1,103)

(685)

(1,821)

(2,506)

Depreciation and amortisation

(309)

(27)

(336)

(305)

(33)

(338)

(360)

(138)

(498)

Write down of goodwill and other intangible assets

(1,403)

(1,403)

(124)

(124)

Operating expenses

(3,247)

(4,693)

(7,940)

(3,286)

(594)

(3,880)

(2,948)

(2,428)

(5,376)

Profit/(loss) before impairment losses

693 

(4,564)

(3,871)

1,608 

(1,072)

536 

1,894 

(2,667)

(773)

Impairment losses

(5,112)

(5,112)

(1,170)

(1,170)

(1,454)

(1,454)

Operating (loss)/profit

(4,419)

(4,564)

(8,983)

438 

(1,072)

(634)

440 

(2,667)

(2,227)

 

 

 

Appendix 2 Income statement reconciliations

 

 

Quarter ended

31 December 2013

30 September 2013

31 December 2012

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

Managed 

One-off items 

Statutory 

reallocation 

reallocation 

reallocation 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

£m 

Operating (loss)/profit

(4,419)

(4,564)

(8,983)

438 

(1,072)

(634)

440 

(2,667)

(2,227)

Own credit adjustments (1)

(496)

496 

(220)

220 

Payment Protection Insurance costs

(465)

465 

(250)

250 

(450)

450 

Interest Rate Hedging Products redress and related costs

(500)

500 

(700)

700 

Regulatory and legal actions

(1,910)

1,910 

(99)

99 

(381)

381 

Integration and restructuring costs

(180)

180 

(205)

205 

(567)

567 

(Loss)/gain on redemption of own debt

(29)

29 

13 

(13)

Write-down of goodwill

(1,059)

1,059 

(18)

18 

Amortisation of purchased intangible assets

(35)

35 

(39)

39 

(32)

32 

Strategic disposals

168 

(168)

(7)

(16)

16 

Bank levy

(200)

200 

(175)

175 

Write-down of other intangible assets

(344)

344 

(106)

106 

RFS Holdings minority interest

(10)

10 

11 

(11)

(2)

Loss before tax

(8,983)

(8,983)

(634)

(634)

(2,227)

(2,227)

Tax credit/(charge)

377 

377 

(81)

(81)

(39)

(39)

Loss from continuing operations

(8,606)

(8,606)

(715)

(715)

(2,266)

(2,266)

Profit/(loss) from discontinued operations, net of tax

15 

15 

(5)

(5)

(345)

(345)

Loss for the period

(8,591)

(8,591)

(720)

(720)

(2,611)

(2,611)

Non-controlling interests

(6)

(6)

108 

108 

Preference share and other dividends

(114)

(114)

(102)

(102)

(115)

(115)

Loss attributable to ordinary and B shareholders

(8,702)

(8,702)

(828)

(828)

(2,618)

(2,618)

 

Note:

(1)

Reallocation of £15 million gain (Q3 2013 - £155 million loss; Q4 2012 - £98 million loss) to income from trading activities and £15 million loss (Q3 2013 - £341 million loss; Q4 2012 - £122 million loss) to other operating income.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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2nd Nov 20182:10 pmRNSDirector/PDMR Shareholding
1st Nov 20187:00 amRNSUK intra-Group capital & liquidity arrangements
31st Oct 20182:38 pmRNSTotal Voting Rights
31st Oct 20187:00 amRNSDividend Declaration
30th Oct 20184:05 pmRNSDirector/PDMR Shareholding
29th Oct 20183:46 pmRNSDirector/PDMR Shareholding
26th Oct 20187:00 amRNSInterim Management Statement
9th Oct 20182:07 pmRNSForm 8.3 - CareTech Holdings
4th Oct 201812:43 pmRNSForm 8.3 - CareTech Holdings
4th Oct 201812:25 pmRNSBLOCK LISTING SIX MONTHLY RETURN
1st Oct 20183:00 pmRNSDirector/PDMR Shareholding
28th Sep 201812:32 pmRNSTotal Voting Rights
25th Sep 201811:23 amRNSPricing of USD Fixed Rate to Floating Rate Notes
25th Sep 20187:00 amRNSBofAML Annual Financial CEO Conference
24th Sep 20189:00 amRNSRBS Investor SeminarUK Personal & Business Banking
17th Sep 201812:05 pmRNSPublication of Final Terms
13th Sep 201812:25 pmRNSForm 8.3 - CareTech Holdings
13th Sep 20188:00 amRNSBarclays Global Financial Services Conference
3rd Sep 20186:00 pmRNSPublication of Final Terms
31st Aug 20184:42 pmRNSTotal Voting Rights
31st Aug 20184:15 pmRNSNatWest Markets N.V. Interim Results 2018
22nd Aug 20185:01 pmRNSDividend Declaration
21st Aug 20183:32 pmRNSPublication of Suppl.Prospcts
17th Aug 20187:00 amRNSDirectorate Change
15th Aug 20187:00 amRNSDeclaration of Interim Dividend
13th Aug 20189:00 amRNSUpdate on ring-fencing plans
3rd Aug 20182:25 pmRNSForm 8.3 - [CareTech Holdings]
3rd Aug 20187:00 amRNSHalf-year Report
31st Jul 20182:44 pmRNSUpdate on ring-fencing plans
31st Jul 201812:04 pmRNSTotal Voting Rights
26th Jul 201812:17 pmRNSForm 8.3 - CareTech Holdings PLC
23rd Jul 20182:10 pmRNSForm 8.3 - CareTech Holdings plc
17th Jul 201811:46 amRNSRBS welcomes credit ratings action by Moody's
16th Jul 20186:18 pmRNSAllotment and Issue of New Ordinary Shares
16th Jul 20184:18 pmRNSForm 8.3 - CareTech Holdings plc
2nd Jul 20182:47 pmRNSCapital reduction - notice of completion
29th Jun 201812:51 pmRNSTotal Voting Rights
27th Jun 20184:36 pmRNSHolding(s) in Company
25th Jun 201811:52 amRNSPublication of Final Terms
22nd Jun 20185:28 pmRNSPublication of Final Terms
21st Jun 201811:52 amRNSPricing of USD Dual-Tranche Notes
8th Jun 20189:23 amRNSTR-1 Notification of major shareholdings
7th Jun 20189:00 amRNSGoldman Sachs European Financials Conference
5th Jun 20187:00 amRNSDisposal of approximately 7.7% of RBS Group plc.
4th Jun 20184:36 pmRNSIntention to dispose of c7.7% of RBS Group plc.
31st May 20185:32 pmRNSTotal Voting Rights
31st May 20184:30 pmRNSRBS notes credit rating actions by Standard&Poor's
31st May 201812:07 pmRNSDirector/PDMR Shareholding

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