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03/08/2012
RBS Sets Aside £125m For Compensation
Royal Bank of Scotland (RBS) reserved £125m to pay compensation customers affected by the account crisis caused by computer system failure.
Account holders at RBS, NatWest and Ulster Bank were unable to use their accounts as normal for weeks on end before the error was fixed last month.
A sum of £135m has also been set aside to cover compensation for customers who were mis-sold payment protection insurance plus £50m to cover claims from small businesses who were mis-sold interest rate swaps.
RBS reported a half-year loss of £1.5bn, compared with £794m year -on -year, revenues for the six months to 30 June fell 8% to £13.2bn.
Speaking to BBC Radio 4's Today programme RBS chief executive Stephen Hester told : "It is a pretty tough external environment, but I think we are making good progress."
Mr Hester added in a statement: "We have continued to make the bank safer and stronger as we clean up problems of the past.
"And despite the tougher economy, these results show our ongoing businesses to be more resilient than before, with many further improvements underway."
(GK)
Account holders at RBS, NatWest and Ulster Bank were unable to use their accounts as normal for weeks on end before the error was fixed last month.
A sum of £135m has also been set aside to cover compensation for customers who were mis-sold payment protection insurance plus £50m to cover claims from small businesses who were mis-sold interest rate swaps.
RBS reported a half-year loss of £1.5bn, compared with £794m year -on -year, revenues for the six months to 30 June fell 8% to £13.2bn.
Speaking to BBC Radio 4's Today programme RBS chief executive Stephen Hester told : "It is a pretty tough external environment, but I think we are making good progress."
Mr Hester added in a statement: "We have continued to make the bank safer and stronger as we clean up problems of the past.
"And despite the tougher economy, these results show our ongoing businesses to be more resilient than before, with many further improvements underway."
(GK)
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