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Status of the Asset Protection Scheme and State Aid discussions
The Royal Bank of Scotland Group plc ("RBS") notes recent speculation in the media on both the terms associated with RBS's proposed participation in the UK Government's Asset Protection Scheme ("APS") and the State Aid measures which are to be agreed with the European Commission ("EC").
RBS believes it is close to agreement with HM Treasury with respect to its proposed participation in the APS. RBS expects the agreement on the APS to reflect market improvements since February and RBS's ongoing recovery whilst giving protection against future potential stressed case losses.
With respect to the EC, negotiations between HM Treasury and the EC are in their final stages and will include some divestments not initially contemplated. It remains RBS's goal that any required divestments do not threaten its recovery plan which is already underway.
While timings may still change, further announcements regarding both the APS and the EC position are currently planned to be made not later than the release of RBS's third quarter results on Friday, 6 November 2009.
For further information please contact:
Investors
Richard O'Connor
Head of Investor Relations
+44 (0)207 672 1758
Media
Andrew Wilson
Head of Group Corporate Affairs
+44 (0) 131 626 3864
+44 (0) 7810 636995
This information is provided by RNS
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