The Royal Bank of Scotland Group plc – Declaration of Interim Dividend
The Royal Bank of Scotland Group plc (“RBS Group”, together with its subsidiaries, “RBS”) today announces that it has reached a final settlement with the US Department of Justice (“DoJ”) to resolve its investigation into RBS’s issuance and underwriting of US residential mortgage-backed securities (“RMBS”) between 2005 and 2007.
14 August 2018
Under the terms of the settlement and as previously announced on 10 May 2018, RBS will pay a civil monetary cash penalty of US $4.9 billion (£3,715 million at 30 June 2018 exchange rates) out of existing liquidity resources. The financial and capital impacts of this agreement were recognised in the RBS Group and NatWest Markets Plc and other RBS entities Half Year results as announced on 3rd August 2018.
In accordance with its intention announced on 3 August 2018, the RBS Group today declares an interim ordinary dividend of 2 pence per share.
The dividend shall be paid on 12 October 2018 to shareholders on the register at the close of business on 24 August 2018. The ex-dividend date will be 23 August 2018.
Ross McEwan, RBS Chief Executive, said:
“We are pleased to have reached a final settlement with the DoJ and that we can focus our energy on serving our customers better and returning capital to our shareholders.”
“This settlement dates back to the period between 2005 and 2007. There is no place for the sort of unacceptable behaviour alleged by the DoJ at the bank we are building today.”
Forward Looking Statements
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to RBS and its subsidiaries' regulatory capital position, and requirements, financial position, future pension funding requirements, on-going litigation and regulatory investigations, profitability, risk-weighted assets, impairment losses and credit exposures under certain specified scenarios. In addition, forward-looking statements may include, without limitation, statements typically containing words such as "intends", "expects", "anticipates", "targets", "plans", "believes", "risk", "estimates" and words of similar import. These statements concern or may affect future matters, such as RBS's future economic results, business and capital plans and current strategies. 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, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, exchange rate fluctuations and general economic conditions. These and other factors, risks and uncertainties that may impact any forward-looking statement or RBS's actual results are discussed in RBS's UK annual report and accounts and interim reports and materials filed with, or furnished to, the US Securities and Exchange Commission, including, but not limited to, RBS's Reports on Form 6-K and most recent Annual Report on Form 20-F. The forward-looking statements contained in this announcement speak only as of the date of this announcement and RBS does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, except to the extent legally required.