LONDON--Financial services company Royal Bank of Scotland Group
PLC (RBS.LN) Wednesday said it has agreed with HM Treasury to exit
the U.K. Government's Asset Protection Scheme (APS), effective Oct.
18.
MAIN FACTS:
-Exit comes at the earliest date consistent with the minimum
contractual APS fee.
-Has paid 2.5 billion pounds for participation in the APS,
without having made a claim, in addition to GBP1.5 billion paid to
HM Treasury for liquidity support received during the financial
crisis.
-Government agreed to insure GBP282 billion of assets when
company entered APS in November 2009; Assets have since fallen to
GBP105 billion.
-FSA approval has been received for the exit of APS.
-Continues to discuss with the FSA its capital plans and actions
for ensuring a balanced transition to Basel III.
-Has grown U.K. loan book for core retail and corporate
customers by 4% overall since 2008.
-Shares on Tuesday closed at 280 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com