UK bank RBS says fined $4.9bn by US over subprime role

London (AFP) – Britain’s state-rescued Royal Bank of Scotland said Thursday that it has been fined $4.9 billion (4.1 billion euros) by the US Justice Department over its role in the subprime crisis.

RBS said in a statement that it reached a deal with the US Justice Department “to resolve its investigation into RBS’s issuance and underwriting of US residential mortgage-backed securities between 2005 and 2007”. 

It follows a separate fine of $5.5 billion agreed in July 2017 with the Federal Housing Finance Agency over the same matter.

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