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RBS to book £66.1M charge in Q2 following tender offers

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RBS to book £66.1M charge in Q2 following tender offers

Royal Bank of Scotland Group Plc said April 8 that itssecond-quarter results will show a loss of approximately £66.1 million on aconsolidated basis upon settlement of recently completed for certain U.S. dollar-,pound sterling- and euro-denominated senior debt securities issued by the groupand unit Royal Bank of ScotlandPlc.

The completion of the is expected to result in combinedinterest savings to the group and unit of about £171.8 million over the life ofthe relevant debt securities, which have maturities of between 2016 and 2025.The initial loss will be offset by interest savings over between around two tothree years.

The overall take-up rate of thetender offers was 43.5%, with a total of £2.3 billion tendered. The tenderoffers included securities considered by RBS Group as noncompliant for TLAC or MRELpurposes.

RBS Group said the offers are partof the ongoing transition to a holding company capital and term funding model,in line with regulatory requirements. The tender offers will not have amaterial impact on either the group or unit.