RBS leaves govt toxic asset protection scheme

The insurance set up was established in 2009 and would have seen taxpayers absorb any losses. In a notice to the stock exchange, RBS said it had paid £2.5bn to participate in the scheme but made no claims. It said it was in addition to the £1.5bn it paid to the Treasury for liquidity support during the financial crisis. The bank explained the government scheme provided backstop credit insurance for a portfolio of RBS assets and derivative exposures. The statement said: "It played an important role in stabilising market perceptions of RBS after the impact of the financial crisis became ...