RBS - Payment Protection Insurance Statement

RNS Number : 2480G

Royal Bank of Scotland Group PLC

09 May 2011

 

Royal Bank of Scotland - Payment Protection Insurance Statement

9 May 2011

The British Banking Association announced today that it would not appeal the Judicial Review decision relating to Payment Protection Insurance ("PPI").  The Royal Bank of Scotland ("RBS") supports this position.  Although the costs of PPI redress and its administration are subject to a degree of uncertainty, RBS will record an additional provision of £850 million in the second quarter of 2011.  To date RBS has paid compensation to customers of c £100 million, and has an existing provision of c £100 million.

Contact:

Richard O'Connor

Investor Relations

[phone]

Media Relations

[phone]

 

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