Low estimates of RBS downgrading of its assets this week put at £5bn as banking giant continues to feel credit crunch effects
Accountancy Age, 21 Apr 2008
The Royal Bank of Scotland is bracing itself for a further writedown of at least £5bn on the value of its assets.
RBS is expected to make an announcement to the City in a trading statement this week, but the writedown could be as large as £7bn, The Times reported.
This morning, the bank said that it was considering selling shares at attractive prices to existing shareholders in a rights issue, expected to raise £10bn.
The bank has already announced writedowns of about £1.7bn on the value of its mortgage-backed debt packages, loans to private equity groups and other securities.
Further reading:
He’s spent more than a decade at the top of...
The race to become the biggest firm on the planet...
Comments
Have your say on this article