RBS tumble further with 8 percent drop in earnings

As the Royal Bank of Scotland (RBS) outlines its plans for the government backed £20 billion rescue they announce a fall of 8 percent in underlying earnings since the beginning of the 2008.

The UK bank said full figures would take a massive knock by write downs and rising bad debt which has reached £206 million in the third quarter, with the first half of the year seeing £5.9 billion.

As part of the Government’s part-nationalisation scheme RBS are raising £5 billion, the troubled bank will be appealing to its shareholders for another £15 billion under a share placing plan which the government is underwritten.

RBS said that they have already begun a group-wide overhaul and that they hope to buy back the Governments £5 billion stake “as soon as it is prudent to do so”. Stephen Hester who will be taking over from Sir Fred Goodwin later in November said that RBS aim to pay back the £5 billion of taxpayer’s money before early 2010 when the next dividend decision is to be made.

Source: uk.pressPassenger 57 dvd