Royal Bank of Scotland expects annual loss up to £28 bln | WHAT REALLY HAPPENED


Royal Bank of Scotland expects annual loss up to £28 bln

LONDON (AFP) - Royal Bank of Scotland (LSE: RBS.L - news) , majority-owned by the taxpayer, said Monday it expected an annual loss of up to 28 billion pounds linked to the credit crisis and its part-takeover of Dutch lender ABN Amro (Amsterdam: AABA.AS - news) in 2007.
"Credit and market conditions in the fourth quarter of 2008 were particularly challenging and RBS estimates the group will report for full year 2008 an attributable loss, before exceptional goodwill impairments, of between 7.0 and 8.0 billion pounds," RBS said in a trading update.

It added: "The group is currently reviewing the carrying value of goodwill and other purchased intangibles on its balance sheet as part of the finalisation of the year end results. Preliminary findings indicate an estimated impairment charge in the region of approximately 15 to 20 billion pounds."

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