Economics

RBS fined $5.5billion over US subprime crisis

Bank fined for its role in bringing about the global financial crisis over 10 years ago.

12.07.2017

(AFP) - Royal Bank of Scotland agreed on Wednesday to pay a US regulator $5.5 billion (€4.8 billion euros) over its role in the subprime mortgage crisis more than a decade ago.

The lender said in a statement that the penalty was a "heavy price" to settle US mis-selling claims, which occurred in the run-up to the global financial crisis and subsequent worldwide recession.