RBS reveals biggest loss in UK history
The Royal Bank of Scotland revealed this morning (Thurs Feb 26) a loss of 24.1bn in 2008, the biggest in UK corporate history.
The Royal Bank of Scotland revealed this morning (Thurs Feb 26) a loss of £24.1bn in 2008, the biggest in UK corporate history.
It also announced it would place £325bn of ‘toxic assets’ into a tax-payer backed asset protection scheme to offer insurance against any future losses.
The news followed reports that the bank, which was bailed out by the Government last year, is intending to halve its sport sponsorship investments, which include supporting the Williams Formula One team, and deals with sportsmen such as Andy Murray.
It revealed last month, however, that it had extended its Six Nation Championship sponsorship by four years.
RBS says the majority of the losses from a £16.2bn write-down on poorly performing assets, mainly resulting from its 2007 takeover of ABN Amro at the height of credit bubble.
Chairman Philip Hampton warned 2009 would deliver “another tough year” for the bank, which reported underlying losses totalled £7.9bn.