Final Settlement Reached With

RNS Number : 6804L

Royal Bank of Scotland Group PLC

11 May 2010

 



The Royal Bank of Scotland Group 

Final settlement reached with US Department of Justice

10 May 2010

The United States Department of Justice (DoJ) and the Consortium that acquired ABN AMRO Group in 2007 have agreed to a Deferred Prosecution Agreement (DPA) relating to the previously disclosed criminal investigation into ABN AMRO Bank NV's US dollar clearing activities, OFAC compliance procedures, and Bank Secrecy Act compliance matters during the period from 1995 to the end of 2007.

ABN AMRO Bank NV announced in April 2007, six months before it was acquired by the Consortium, that it had reached an agreement in principle with DoJ to resolve the investigation and made a provision of US$500 million to cover the costs of resolving the investigation. The final amount agreed with the DoJ is covered by this provision. The conduct described in the DPA reflects a regrettable period and the Consortium are pleased to have resolved this matter.

The DPA deferral period is 12 months and the signatory to the DPA is The Royal Bank of Scotland N.V., which is the legal entity that was known as ABN AMRO Bank NV until February this year.

For further information please contact:

Jason Knauf, Head of Group Media Centre

Tel. [phone]

Mob. [phone]

 

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