RBS to leave Asset Protection Scheme
RBS said this morning it would leave the government’s Asset Protection Scheme from tomorrow.
The high-street bank will have paid £2.5bn for its participation in the scheme, which capped potential losses on almost £300bn of its most toxic assets after its bailout in 2008.
It has also paid around £1.5bn to HM Treasury for liquidity support during the financial crisis.
The Financial Services Authority has approved RBS’s exit from the APS.
Stephen Hester, chief executive of RBS, said this morning: “The APS has played a valuable role, buying time for the bank as we implemented change from the worrying days of 2009 to create the much stronger institution it is today.
“RBS’s capital, liquidity, and funding positions have been transformed in the past three years, so the time is now right for us to exit this scheme.”