Royal Bank of Scotland Group Plc
agreed to exit the U.K.’s Asset Protection Scheme after paying
2.5 billion pounds ($4 billion) to the government to insure its
most risky assets.
Britain’s biggest taxpayer-owned bank was in 2009 the only
lender to join the program, which covered potential losses on
282 billion pounds of loans and derivatives. RBS (RBS) never had to
draw on the policy, for which it paid the government a fee, and
has reduced the amount of loans protected to 105 billion pounds,
the Edinburgh-based bank said in a statement today.
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