RBS facing £170 million loss - Banking - News - Moneyfacts


RBS facing £170 million loss

RBS facing £170 million loss

Category: Banking

Updated: 04/10/2012
First Published: 04/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Royal Bank of Scotland could suffer a loss of up to £170 million (€212 million) as a result of the Spanish housebuilder, Rivero y Soler's collapse.

According to reports in the Daily Telegraph, Revero y Soler announced that it will be filing for bankruptcy following two of its subsidiaries' failure to refinance an outstanding loan.

RBS is one of the company's biggest lenders and has stated that it has made necessary provisions to cover the losses incurred.

It is thought the bankruptcy is one of the largest in Spanish history, with Rivero y Soler's debts running to €1.6 billion.

What Next?

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.