Nearly half a billion pounds of fresh writedowns related to financial guarantors detracted from strong growth in Royal Bank of ScotlandâÂÂs global banking and markets business and pushed operating profits last year down 2% to ã3.7bn (â¬4.9bn) from the previous record year.
The £456m in additional valuation writedowns came in response to âthe weakening credit profile of certain financial guarantorsâ, and came on top of already announced writedowns on sub-prime and leveraged finance positions, RBS said today in its full-year results presentation.
