| Banks, PPI, PPI Refund, PPI Scandal

RBS has recently reported a loss of over £2bn for the first half of this year after racking up £1.3 billion in PPI and legal costs.

The lender – 73% owned by the taxpayer – has put aside over £400 million to cover PPI claims after the FCA extended the claim by date earlier this month to 2019.

RBS was also forced to stump up over £600 million in restructuring and litigation fees brought about by shareholders linked to the state bailout.

Their losses, which have grown exponentially from last year’s £179 million, also show the repercussions of the £1.2billion payment to the Treasury to buy out a large part of its £45billion bailout.

However, RBS also warned that Britain’s decision to boycott the EU could hit the bank.

The bank claimed that the outcome of Brexit has created a period of uncertainty in core markets and that most banks would need to assess all implications.

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