Reuters-
Royal Bank of Scotland (RBS.L) has agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.
RBS said that $3.46 billion of the proposed civil settlement would be covered by existing provisions and that the bank would take a $1.44 billion charge in the second quarter to cover the rest.
Analysts had estimated the U.S. Department of Justice could impose a fine of up to $12 billion on RBS for mis-selling mortgage-backed securities in the run-up to the 2007-2008 financial crisis.
[REUTERS]
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