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:
How to make better financial decisions - Free FD Handbook
When reviewing your business and accounting software, this free two- part guide explains all you need to know.
The Future of the Financial Close: Automating Account Reconciliations and Review
Many firms have made account reconciliation automation the focus of their drive. This paper describes why.
More white papers
Keep up to date with the latest products, services and technologies from the world's leading IT companies; IThound.com brings you over 6,000 white papers, case studies and analyst reports.
Comments
Have your say on this article