Economic news

RBS to pay $5.5bn to U.S. regulators

Royal Bank of Scotland has agreed to pay $5.5bn (£4.2bn) fine to the U.S. Federal Housing Finance Agency for selling of risky mortgage products before the 2008 financial crisis.

The Edinburgh-based bank is still to agree a separate deal with the Department of Justice, which could cost another £9bn.

RBS shares rose 2% on this announcement as shareholders saw the deal as another step forward to recovery of the bank's reputation.

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