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PRA to quiz Royal Bank of Scotland over capital position

Royal Bank of Scotland chief executive Ross McEwan is to be called before the Prudential Regulation Authority to defend the bank’s capital position.

The Sunday Telegraph reports McEwan will meet the two most senior staff at the Bank of England’s PRA in the next two weeks – chief executive Andrew Bailey and head of domestic UK banks division Sam Woods.

The newspaper says the regulator wants to hear from McEwan on how he can boost capital at RBS, ahead of upcoming stress tests by the PRA and the European Banking Authority.

McEwan is also expected to talk through his strategy review of the bank, which will be announced on 27 February.

RBS published a trading update last week which revealed the bank had set aside an additional £3bn for litigation and claims, including for payment protection insurance and mortgage-backed securities.

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