RBS settlement with SEC on RMBS securitisation

RNS Number : 5152S

Royal Bank of Scotland Group PLC

07 November 2013

 



RBS reaches settlement with SEC on RMBS securitisation

RBS Securities Inc. ("RBSSI"), a subsidiary of The Royal Bank of Scotland Group plc ("RBS"), has today reached a settlement with the US Securities and Exchange Commission  ("the SEC") with respect to its investigation into a $2.2  billion offering of a residential mortgage backed security (RMBS) in 2007. RBSSI consented to the entry of a permanent injunction and has agreed to payments totalling $153.7 million. These payments are covered by provisions already made by RBS.

The SEC complaint alleged that a prospectus statement that loans included in the offer were originated generally in accordance with lender guidelines was materially misleading. RBSSI neither admitted nor denied the allegations in the SEC complaint.

RBS has cooperated fully with the SEC throughout the investigation.

For further information contact:

RBS Group Investor Relations         [phone]

RBS Group Media Relations          [phone]

 

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