RBS confirms £38bn new `bad bank`, third quarter loss - TopicsExpress

RBS confirms £38bn new `bad bank`, third quarter loss narrows . . . . . . . . . . . Royal Bank of Scotland Group Plc has confirmed Friday it would put its bad loans into a separate entity as part of a plan to speed up its revamp and return money to taxpayers, hiving off nearly £38 billion of toxic assets including some property loans in Ireland after UK Chancellor of the Exchequer George Osborne opted against a full breakup. The bank which remains 81%-owned by the government following a massive bailout at the height of the financial crisis, announced a third-quarter pre-tax loss of £634 million, RBS said £38 billion of impaired loans would be placed into an `internal bad bank` to be called RBS Capital Resolution Division. Toxic loans - or assets - include loans and mortgages that are not expected to be repaid, as well as more complex investments related to these bad loans. Net loss in the third-quarter narrowed to 828 million pounds from 1.4 billion pounds in the year-earlier period. The Edinburgh-based said in a statement earlier on Friday the bad bank’s assets will include £14.8 billion of assets from the core unit and £23.5 billion of non-core assets. RBS may face as much as £4.5 billion of impairments in the fourth quarter of 2013 as it reduces those assets, Chief Executive Officer Ross McEwan said in the statement. The outcome of the four-month review commissioned by the Chancellor, George Osborne, to decide whether RBS should be split up, showed plans to rebrand RBS`s existing non-core assets, which has already offloaded billions of pounds of toxic loans since the bank`s £45.5 billion bail-out by UK taxpayers in 2008. In a statement, Osborne welcomed the step and said the creation of the bad bank was a new direction for the taxpayer-backed bank and would be a boost to the British economy instead of a burden. As of 04:14 ET, Royal Bank of Scotland Group PLC share fell 3.73 percent or 13.700 points to 353.900 pounds. #egyptyard

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