BusinessCompany News£5bn RBS writedown expected

£5bn RBS writedown expected

Low estimates of RBS downgrading of its assets this week put at £5bn as banking giant continues to feel credit crunch effects

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:

RBS
braces for £1bn sub-prime hit

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor