Royal Bank of Scotland Group PLC Acknowledgment of two settlements on FX trading (2874Z)
16 May 2019 - 8:40PM
UK Regulatory
TIDMRBS
RNS Number : 2874Z
Royal Bank of Scotland Group PLC
16 May 2019
The Royal Bank of Scotland Group plc
NatWest Markets Plc
Acknowledgment of European Commission's announcement regarding
two settlements on FX trading
16 May 2019
The Royal Bank of Scotland Group plc ("RBSG") and its subsidiary
NatWest Markets Plc ("NWM Plc") acknowledge the announcement by the
European Commission ("EC") today that two settlements have been
reached with RBSG, NWM Plc and other named financial institutions,
in relation to the EC's investigation of historic competition law
breaches concerning foreign exchange ("FX") trading. RBSG, together
with NWM Plc, have been fined a total of EUR 249,214,000 relating
to conduct which took place in two groups of chatrooms in periods
between December 2007 and November 2011. The aggregate fine is
fully covered by existing provisions in NWM Plc.
As previously disclosed, NWM Plc is co-operating with
investigations and responding to inquiries from other governmental
and regulatory (including competition) authorities on similar
issues relating to past failings in FX trading. The timing and
amount of future financial penalties, related litigation risks and
collateral consequences remain uncertain and may be material.
For further information, please contact:
RBSG Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 (0) 207 672 1758
NWM Investor Relations
Richard Coombs
Head of NatWest Markets Investor Relations
+44 (0) 20 7678 1768
RBS Media Relations
+44 (0) 131 523 4205
Forward Looking Statements
This document contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'plan', 'could', 'probability',
'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective',
'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and
similar expressions or variations on these expressions. These
statements concern or may affect future matters, such as RBSG or
NWM's future economic results, business plans and current
strategies. In particular, this document may include
forward-looking statements relating to RBSG or NWM in respect of,
but not limited to their respective: regulatory capital positions
and related requirements, financial positions, profitability and
financial performance (including financial, capital and operational
targets), access to adequate sources of liquidity and funding,
increasing competition from new incumbents and disruptive
technologies, impairment losses and credit exposures under certain
specified scenarios, substantial regulation and oversight, ongoing
legal, regulatory and governmental actions and investigations,
LIBOR, EURIBOR and other benchmark reform and exposure to economic
and political risks (including with respect to Brexit and climate
change), operational risk, conduct risk, cyber and IT risk and
credit rating risk. Forward-looking statements are subject to a
number of risks and uncertainties that might cause actual results
and performance to differ materially from any expected future
results or performance expressed or implied by the forward-looking
statements. Factors that could cause or contribute to differences
in current expectations include, but are not limited to,
legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations and general
economic conditions. These and other factors, risks and
uncertainties that may impact any forward-looking statement or RBSG
or NWM's actual results are discussed in NWM's 2018 Annual Report
and Accounts and other regulatory filings, RBSG's UK 2018 Annual
Report and Accounts and materials filed by RBSG with, or furnished
to, the US Securities and Exchange Commission, including, but not
limited to, RBSG's most recent Annual Report on Form 20-F and
Reports on Form 6-K. The forward-looking statements contained in
this document speak only as of the date of this document and RBSG
and NWM do not assume or undertake any obligation or responsibility
to update any of the forward-looking statements contained in this
document, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Legal Entity Identifiers
The Royal Bank of Scotland Group 2138005O9XJIJN4JPN90
plc
NatWest Markets Plc RR3QWICWWIPCS8A4S074
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END
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