RBS, 80% owned by the UK government, is selling assets from its 'bad bank' quicker and at better prices than it had expected. That means it does not need to set aside as much for the assets in its RBS Capital Resolution (RCR) unit, which was set up this year to sell off or run down some £29bn pounds of assets it no longer wants.
It will release about £500m pounds of the money it had set aside for RCR in the third quarter, much of it related to commercial real estate assets in Ireland. RBS had set aside £4.5bn pounds to cover losses in RCR.
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