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RBS Chairman Says Customers Will Pay For Ring-Fencing - Report

LONDON -(Dow Jones)- Royal Bank of Scotland Group PLC (RBS.LN) Chairman Philip Hampton said that plans to ring-fence its retail operations from the more risky investment banking arm could be "expensive" and said the bank will pass on costs to business and household customers, according to an interview in the Sunday Telegraph newspaper. In the interview Hampton said the U.K. government's plans to force all banks to separate their retail operations from "casino" investment banking activities would pile more costs on to the entire system which "somebody had to pay for." In last week's Queen's Speech, the Government confirmed it intends to introduce the Banking Reform Bill, drawing on the work of the Independent Commission on Banking, which called for the separation of retail from investment banking operations. "What the banks want to make sure of is that it's not introduced in a way that is too expensive, because if it's expensive then either taxpayers will suffer in our case, or customers will suffer, because we'll have to eventually deal with our costs and reclaim some of our costs from customers," he is quoted as saying. Hampton said ring-fencing could end up increasing the squeeze on consumers and cash-strapped businesses as banks worked out how to recoup costs, the paper reports. He also said RBS would have to "get more efficient as well", raising the possibility of more job losses at the 82%-state-owned bank, the paper says. Newspaper website: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9262281/RBS-boss-customers-will-have-to-pay-for-ring-fencing.html -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stock News for Royal Bank of Scotland Grp. (RBS)
DateTimeHeadline
12/06/201603:02:00Finance Watch -- WSJ
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12/05/201604:34:00RBS Settles Dispute With Three Shareholder Groups Over 2008 Rights...
12/05/201602:56:00RBS Settles 2008 Shareholder Rights Issue Litigation
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11/30/201602:33:00Royal Bank of Scotland Group PLC Statement re 2016 stress test...
11/08/201603:57:00RBS to Compensate Small-Business Customers --Update
11/08/201603:40:00RBS to Compensate Small-Business Customers
11/08/201603:20:00RBS to Compensate Small-Business Customers
10/28/201604:41:00RBS Reports Loss, Warns Low Rates Eroding Profit -- Update
10/28/201603:40:00RBS Reports Loss, to Miss Long-Term Targets
10/28/201603:07:00RBS Reports Loss, To Miss Long-Term Targets
10/26/201602:56:00CYBG Confirms Talks With RBS Over Williams and Glyn Operations
10/25/201620:11:00CYBG Makes Offer for RBS' Williams & Glyn Unit -- Update
10/25/201619:24:00CYBG Makes Offer for RBS' Williams and Glyn Operations
10/14/201601:30:00China Factory-Gate Prices Snap Multiyear Negative Streak
10/07/201611:30:00U.K. Government to Restart Lloyds Bank Share Sale

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