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May 28, 2017

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Royal Bank of Scotland falls into Q3 net loss of 1.38 billion pounds

LONDON -- State-rescued Royal Bank of Scotland (RBS) on Friday posted a third-quarter net loss of 1.384 billion pounds on massive accounting charges and warned it would likely face fines over the Libor rigging scandal.

The loss for the July-September period, equivalent to US$2.28 billion or 1.726 billion euros, compared with a net profit of 1.226 billion pounds in the same part of the previous year, the bank said in a results statement.

RBS, which is 81-percent owned by the government after a huge bailout amid the global financial crisis, was forced into the red after taking a vast 1.455-billion-pound charge on changes to the value of its debt.

The Edinburgh-based lender also took another 400 million pounds hit to compensate clients who were missold insurance. That took its total bill for the payment protection insurance affair to 1.7 billion pounds.

And the group added that the cost of an IT meltdown in June had risen by 50 million pounds to a total of 175 million pounds.

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