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RBS faces £170m hit from Spanish housebuilder collapse

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The Royal Bank of Scotland Group could face a loss of £170m after the collapse of Spanish housebuilder Rivero y Soler.

The Telegraph reports the company has filed for one of the largest bankruptcies in Spanish history with debts of €1.6bn.

RBS is one of Rivero y Soler’s largest lenders.

The filing for bankruptcy follows a failure by two subsidiaries, Alteco and MAG Import, to refinance an outstanding loan.

The Telegraph says RBS is unlikely to have to write-off the entire loan and the state-backed lender has already made substantial provisions for new losses.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. RBS really are useless aren’t they

  2. @ Tricia Yates – I agree! – This is on top of…..

    RBS set for Libor fine of up to £300m
    RBS shareholders look to sue for £3.3bn
    RBS sets aside £435m for misselling claims

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