Ross McEwan's response to systems failure
"For decades, RBS failed to invest properly in its systems. We need to put our customers' needs at the centre of all we do. It will take time, but we are investing heavily in building IT systems our customers can rely on.
"I'm sorry for the inconvenience we caused our customers. We know we have to do better. I will be outlining plans in the New Year for making RBS the bank that our customers and the UK need it to be. This will include an outline of where we intend to invest for the future."
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In order to minimise further material litigation expense and management distraction and without any admission of liability, RBS has concluded a full and final settlement with three out of the five shareholder groups representing 77% of the claims by value in the 2008 Shareholder Rights Issue litigation.
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