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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 It is now over 6 months old so the content may be out of date.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.

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