QBN: Economics
Out of context: Reply #25
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- TheBIueOne0
"Royal Bank of Scotland was today on course for the biggest loss in UK corporate history after revealing it expected to write down as much as £20 billion on the falling value of its assets.
RBS said a review of past acquisitions, most notably its share of Dutch bank ABN Amro, would result in a hit of between £15 billion and £20 billion.
In addition, the bank said credit and market conditions in the fourth quarter of the year meant it achieved full-year losses of between £7 billion and £8 billion. The final haul will easily exceed the deficit of £15 billion reported by mobile phone group Vodafone in 2006.
Royal Bank of Scotland also said it had reached agreement with the Treasury to replace £5 billion of preference shares with new ordinary shares, effectively increasing the Government's stake in the bank."