| RBS Says EU Aid Talks to Lead to Asset Sales `Not Initially Contemplated' |
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02/11/2009 14:33 (19 Day 02:25 minutes ago) | |||||
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The FINANCIAL -- The Royal Bank of Scotland Group plc ('RBS') notes recent speculation in the media on both the terms associated with RBS’s proposed participation in the UK Government’s Asset Protection Scheme ('APS') and the State Aid measures which are to be agreed with the European Commission ('EC').
"RBS believes it is close to agreement with HM Treasury with respect to its proposed participation in the APS. RBS expects the agreement on the APS to reflect market improvements since February and RBS’s ongoing recovery whilst giving protection against future potential stressed case losses," RBS reports.
With respect to the EC, negotiations between HM Treasury and the EC are in their final stages and will include some divestments not initially contemplated. It remains RBS’s goal that any required divestments do not threaten its recovery plan which is already underway.
While timings may still change, further announcements regarding both the APS and the EC position are currently planned to be made not later than the release of RBS’s third quarter results on Friday, 6 November 2009.
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