RBS vows to win back respect as write-downs hit £6.1bn

Underwritten by the Treasury, RBS will raise £15bn in new ordinary stock at 65.5p per share, significantly higher than its 60.6p level this morning. A further £5bn in preference shares will be snapped up by the Government. The RBS board says it intends to repurchase the preference shares “as soon as it is prudent to do so”, to allow ordinary share dividend payments to resume. RBS will hold a general meeting on 20 November to approve to capital increase. In addition, RBS also announced a £206m credit market write-down in the third quarter, adding to the £5.9bn already written off in the...