(RBS.L) Royal Bank of Scotland Group (The) PLC Buy/Sell

NEW YORK, Nov 20 (Reuters) - Royal Bank of Scotland on Friday sold $7 billion of government-guaranteed notes in two parts, said IFR, a Thomson Reuters service.
The offering included $5 billion of floating-rate notes with a coupon rate of 26 basis points over the London Interbank Offer Rate.
It also included $2 billion of 3-year fixed-rate notes priced to yield 80.5 basis points over comparable U.S. Treasuries, according to IFR.
The lead manager on the sale was RBS.

(Reporting by Caryn Trokie; Editing by Dan Grebler) Keywords: ROYALBANK NOTES/SALE (caryn.trokie@thomsonreuters.com ; + 1 646-223-6318; Reuters Messaging: caryn.trokie.reuters.com@reuters.net)

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NEW YORK, Nov 20 (Reuters) - Royal Bank of Scotland will sell $7 billion of debt in a two-part sale with the guarantee of the UK government, IFR reported.
The bank will sell $5 billion of 3-year floating-rate notes at a yield spread of three-month London Interbank Offer Rate plus 26 basis points, said IFR, a Thomson Reuters service.
It will sell $2 billion of 3-year fixed-rate notes at mid-swaps plus 26 basis points.
RBS is lead manager on the sale, expected to price later Friday.

(Reporting by Ciara Linnane; Editing by Theodore d'Afflisio) Keywords: RBS DEBT/SALE (ciara.linnane@thomsonreuters.com; Tel: +1 646 223 6342; Reuters Messaging: ciara.linnane.reuters.com@reuters.net)

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Please be advised the following issue has been repurchased for SEK 100,000 on 18/11/09

Issuer: RBS - ISIN: SE0002275800 - Series 5235 - Maturity Date: 19/3/12 O/S NOM SEK 11,900,000

The outstanding balance will therefore be SEK 11,800,000

Please amend your records accordingly.

Please be advised the following issue has been repurchased for SEK 20,000 on 18/11/09

Issuer: RBS - ISIN: SE0002341651 - Series 5477 - Maturity Date: 16/5/13 O/S NOM SEK 13,850,000

The outstanding balance will therefore be SEK 13,830,000

Please amend your records accordingly.

By Edward Taylor and Sakari Suoninen

FRANKFURT, Nov 20 (Reuters) - Bankers and regulators should learn the lessons of the global financial crisis and drive through changes to prevent future breakdowns, financiers said on Friday.
Bundesbank President Axel Weber said regulators must be resolute about pressing ahead with reform and reject criticism for perceived over-regulation as markets start recovering.
"We don't give a damn what anyone says, because we will just implement it," he told a Frankfurt banking conference.
"It is very important for us not to fall prey to influences on the way up or down
"We have to turn very stubborn..we have seen the biggest crisis in post-war history and make the system more resilient," said Weber, who also sits on the European Central Bank's policymaking Governing Council.
The worst financial crisis in 80 years, which started with the crash of Lehman Brothers in 2008, has sparked calls for a radical overhaul of banking supervision, which is still country-based despite cross-border groups dominating the sector.
Since the start of the crisis last year, politicians, shareholders and regulators have sought someone to blame for the breakdown that led governments to pour funds into stimulus packages and bank bailouts.
Deutsche Bank Chief Executive Josef Ackermann told the same conference that all parties need to learn from the crisis to help prevent future financial bubbles.
"We do not seem to have made much progress identifying financial bubbles since the Dutch tulip crisis," Ackermann said, referring to the 17th century Dutch craze.

Momentum has been building in the United States to break up lenders that are not only "too big to fail" but which may be "too big to save", but others, including Ackermann, have stressed that there is still a role for large banks.
The goal of shrinking firms is to prevent another debacle like the collapse of Lehman Brothers and the huge taxpayer bailouts of AIG and Citigroup in the United States as well as Hypo Real Estate, Royal Bank of Scotland and ABN Amro in Europe.
Banks have also faced public anger for paying eye-popping bonuses amid a crisis that has required billions of euros in taxpayer money for bailouts.
Ackermann, who has backed the creation of an international bailout fund, said the state would have to be involved in such as fund because the resources required were so great.
His remarks stood in contrast to comments by European Central Bank executive board member Juergen Stark this week.
"We must not add new incentives for moral hazard by creating an 'emergency fund' for banks, financed or co-financed by taxpayers' money," Starck said.
Weber cautioned that learning the lessons of the crisis will not guarantee that future crises can be averted, but it will help cope with them better.
"We cannot prevent and predict the next crisis. We have to make sure when the next crisis comes, and it will come with a 100 percent probability at some time, that the system then is more resilient and that's what systemic supervision is about," he said.
For a factbox of bailed out banks in Europe click on
For a factbox on banks with the biggest losses from the credit crisis
(Writing by Maria Sheahan; Editing by David Cowell) ($1=.6722 Euro) Keywords: FINANCIAL/LESSONS

(edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.reuters.com@reuters.net)

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By Ben Berkowitz and Gilbert Kreijger

AMSTERDAM/THE HAGUE, Nov 19 (Reuters) - The Dutch government said it would have to inject another 3 billion euros ($4.5 billion) into nationalised bank ABN AMRO, raising the national debt with no immediate return for the state.
The finance ministry also said on Thursday that a long-negotiated ABN asset sale to Deutsche Bank was worth 700 million euros, but could collapse unless parliament approves it by Dec. 31. Deutsche Bank declined to comment.
The government has now committed more than 23 billion euros in the last 13 months to ABN AMRO and the nationalisation process, making it one of the world's costliest bailouts since the financial crisis began.
The state took control of the local operations of Fortis , including ABN AMRO, for 16.8 billion euros in October 2008, a year after a consortium including Fortis and Royal Bank of Scotland bought ABN.
"I doubt that this is the last capital injection," said Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. "Undoubtedly there will be a few billion more along the way."
Finance Minister Wouter Bos made clear he meant for Thursday's infusion to be the last.
"It is our intention that this is the last time money goes to ABN. If, under normal circumstances, there will be a situation that capital is needed, they have to find a solution on their own and not come back to us again," Bos told reporters.

In addition to the 3 billion euros cash, the government said 1.4 billion euro in long-term bonds would be converted to equity for ABN AMRO, making the total infusion 4.4 billion euros.
The government had already pumped another 2.5 billion euros into ABN AMRO this summer to help fund the split of the state-owned assets from assets legally owned by RBS. That separation is expected in the first half of 2010.
The finance ministry said the new capital injection plus the one from summer would collectively raise the national debt by 0.5 percent of GDP and would require changes to the budget. The ministry said Statistics Netherlands, however, may estimate the infusion would raise the debt by as much as 0.9 percent of GDP.
The government, which will sell new bonds to finance the infusion, had previously forecast in September that public debt would be 65.8 percent of GDP next year.
Bos' ultimate plan is to merge ABN AMRO and Fortis Bank Nederland, which is expected to generate synergies of about 1.1 billion euros a year. The merger process is expected to start sometime in 2010, after the ABN/RBS separation.
While the market had been expecting the government to launch an IPO for the combined group in 2011, the finance ministry said on Thursday it was too soon to establish exactly how the group would be sold -- an IPO, a trade sale or some other path.
It did say the combined group could be privatised in "several years".

The deal with Deutsche Bank, agreed on Oct. 20, involves the sale of assets in the small- and medium-sized enterprise market.
The European Commission ordered Fortis to sell those assets in 2007, an obligation the state inherited.
Under the revised terms, ABN AMRO will cover 75 percent of the net losses from the portfolio of commercial bank HBU, which is included in the sale. Deutsche Bank will cover the rest.
ABN, which was originally meant to cover all the losses, said in a statement it will recognize the losses this quarter.
That so-called "credit umbrella" will last until the last loan in the portfolio matures, in about 30 years. The majority of the portfolio expires in less than five years, though.
For Deutsche it marks yet another opportunistic acquisition to diversify its revenues away from investment banking, after buying a stake in Deutsche Postbank AG and an agreement to buy wealth manager Sal. Oppenheim.
Konrad Becker, a banking analyst with Merck Finck & Co. said Deutsche's targeting of Dutch assets for 700 million euros was an opportunistic chance to expand in Europe but did not represent a radical change in strategy.
"The deal isn't as favourable as the first one they negotiated, but it remains an attractive asset for an attractive price."
By adding the ABN assets, Deutsche will become the fourth-largest provider of corporate and investment banking services in the Netherlands.
At 17.50 GMT Deutsche Bank shares were down 3 percent at 50.12 euros, underperforming the Dow Jones Stoxx banking index which was 2 percent lower.
Deutsche Bank CEO Josef Ackermann has recently urged his board to look for targets, but cautioned them to be selective.

(Additional reporting by Reed Stevenson and Harro Ten Wolde in Amsterdam and Edward Taylor in Frankfurt; Editing by Jon Loades-Carter, Will Waterman, and Andrew Macdonald)

($1=.6722 Euro)

((Related stories:

For a timeline on ABN's troubles, click

For a factbox on the cash injection, click))

((ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net))

Keywords: ABNAMRO/
* Ackermann says worst parts of financial crisis over
* Says financial bubbles need to be studied
* Deutsche Bank shares up 0.9 percent

(Adds details, CEO comments)
FRANKFURT, Nov 20 (Reuters) - Deutsche Bank Chief Executive Josef Ackermann said the worst parts of the financial crisis are behind us, and cautioned that more time needs to be spent studying how financial bubbles occur.
"A very valid question is how to prevent another crisis," Ackermann told a Frankfurt banking conference.
In particular, the emergence of financial bubbles needs to be studied, since regulators, bankers and politicians do not seem to have made much progress identifying financial bubbles since the Dutch tulip crisis, Ackermann said, referring to inflated prices for tulip bulbs in the Netherlands in 1637.
A recovery of asset prices and markets is not a reason to become complacent since this is a sign of a fragile recovery, at best, said Ackermann, who is also chairman of bank lobby group International Institute of Finance.
He also said the new reality following the banking crisis was a rebalancing of the relationship between free markets and the state.
Shares of Deutsche Bank were up 0.9 percent at 57.83 euros by 0904 GMT, while Germany's blue-chip index was up 0.6 percent. ($1=.6722 Euro) Keywords: DEUTSCHEBANK/CEO

(edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.reuters.com@reuters.net)

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RNS Number : 8188C Royal Bank of Scotland Group PLC 19 November 2009

Publication of Prospectus

The following prospectus has been approved by the UK Listing Authority and is available for viewing:

Supplementary Offering Memorandum to The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc U.S.$35,000,000,000 Medium-Term Note Program dated 19 November 2009

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8188C_-2009-11-19.pdf<fip BR>

The document above is also available to the public for inspection at the UK Listing Authority's Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS.

For further information, please contact:

David O'Loan

Head of Group Capital Management

The Royal Bank of Scotland Group plc

5th Floor

280 Bishopsgate

London EC2M 4RB

TEL: 020 7085 4925

FAX: 020 7293 9966

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Supplementary Prospectus (and the Prospectus to which it relates) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus and the Supplementary Prospectus is not addressed. Prior to relying on the information contained in the Prospectus and the Supplementary Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

This information is provided by RNS The company news service from the London Stock Exchange

PDIFFLFAUSUSESF

RNS Number : 8187C Royal Bank of Scotland Group PLC 19 November 2009

Publication of Registration Document

The following registration document has been approved by the UK Listing Authority and is available for viewing:

Registration Document for The Royal Bank of Scotland Group plc dated 19 November 2009

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8187C_-2009-11-19.pdf</fi pP>

The document above is also available to the public for inspection at the UK Listing Authority's Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS.

For further information, please contact:

David O'Loan

Head of Group Capital Management

The Royal Bank of Scotland Group plc

5th Floor

280 Bishopsgate

London EC2M 4RB

TEL: 020 7085 4925

FAX: 020 7293 9966

This information is provided by RNS The company news service from the London Stock Exchange

DOCEAPFNFEDNFFE

RNS Number : 8186C Royal Bank of Scotland Group PLC 19 November 2009

Publication of Prospectus

The following prospectus has been approved by the UK Listing Authority and is available for viewing:

Supplementary Prospectus to The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc £90,000,000,000 Euro Medium Term Note Programme dated 19 November 2009

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8186C_-2009-11-19.pdf</fi pP>

The document above is also available to the public for inspection at the UK Listing Authority's Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS.

For further information, please contact:

David O'Loan

Head of Group Capital Management

The Royal Bank of Scotland Group plc

5th Floor

280 Bishopsgate

London EC2M 4RB

TEL: 020 7085 4925

FAX: 020 7293 9966

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Supplementary Prospectus (and the Prospectus to which it relates) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus and the Supplementary Prospectus is not addressed. Prior to relying on the information contained in the Prospectus and the Supplementary Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

This information is provided by RNS The company news service from the London Stock Exchange

PDIFFEFAUSUSESF

By Huw Jones

LONDON, Nov 19 (Reuters) - Britain's financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.
The draft law's main provisions were announced by the government on Wednesday and enforce pledges Britain and other members of the G20 group of leading countries made this year to apply lessons from the credit crunch.
"The bill we are introducing today is central to the government's reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions," Britain's Finance Minister Alistair Darling said in a statement.

The Financial Services Authority (FSA) will have "information gathering powers extended to non-regulated firms, including hedge funds, where information is relevant to financial stability", the draft law says.
Hedge fund managers are already required to register and provide data. The European Union is adopting a law with similar provisions.
The FSA will have a new, explicit objective of helping to ensure financial stability, giving it a bigger role in monitoring and assessing risk that could destabilise the broader financial system -- a supervisory gap the credit crunch highlighted in many countries.
"The measures in the bill, particularly under the proposed financial stability objective, will give the FSA more powers to carry out its remit from parliament in a more effective manner," an FSA spokesman said.

BOE BACK ON TOP?
The opposition Conservative Party, tipped by pollsters to win the election due by June, has said it wants to abolish the FSA, saying its joint "tripartite" supervision of banks with the Bank of England and Treasury had failed.
"Instead we need to put the Bank of England back in charge because only central banks have the authority and the judgment that is needed," the party's treasury spokesman, George Osborne, said in the London Evening Standard newspaper.
Britain's financial services minister Paul Myners said there were no plans for tearing up existing pay contracts.
"That's an abrogation of legal contracts which governments should not contemplate," Myners told Sky News television.
"What we are saying is that going forward all contracts have to comply with the framework specified by the FSA, and if a bank were to offer a contract which the FSA regarded as reckless... then that contract could be voided and penalties could arise," Myners said.
He does not expect this to happen in practice and banks are keen on the provision as it will help them "manage better the greed they have been confronted" with.

FIRMS' FSA FEARS
Lawyers said firms will be able to get out of bonus payments by referring to regulatory obligations.
Paul Edmondson of law firm CMS Cameron McKenna said FSA powers on pay, living wills and enforcement won't be restricted to banks but apply to all authorised firms and insurers.
"Firms will be concerned about inappropriate read across from the banking crisis," Edmondson said.
The bill will also give the FSA powers to curb short-selling and require disclosure on short selling, a practice favoured by some hedge funds and blamed by policymakers for amplifying selloffs in bank shares at the height of the credit crunch.
Such measures have already been used by the FSA.
The watchdog will also have a duty to require firms to plan for their possible demise by drawing up "living wills" or recovery and resolution plans for a speedy wind down that avoids the need for taxpayer bailouts.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
The bill also contains provisions on pay in light of a UK government commissioned review by former top banker David Walker on how to strengthen corporate governance and make boards more accountable for a bank's activities.
The final version of the Walker Review is published on Nov. 26 but the government has already said it backs the findings of a preliminary version released this year.
There will also be a new Financial Services Compensation Scheme to compensate British customers of overseas financial firms. Britain had to step in to safeguard deposits held by UK customers of failing Icelandic banks.
For a Take A Look on financial regulation, click on

(Additional reporting by Avril Ormsby; Editing by Andy Bruce/Victoria Main) Keywords: BRITAIN FINANCIAL/ (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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By Ben Berkowitz and Gilbert Kreijger

AMSTERDAM/THE HAGUE, Nov 19 (Reuters) - The Dutch government said it would have to inject another 3 billion euros ($4.5 billion) into nationalised bank ABN AMRO, raising the national debt with no immediate return for the state.
The finance ministry also said on Thursday that a long-negotiated ABN asset sale to Deutsche Bank was worth 700 million euros, but could collapse unless parliament approves it by Dec. 31. Deutsche Bank declined to comment.
The government has now committed more than 23 billion euros in the last 13 months to ABN AMRO and the nationalisation process, making it one of the world's costliest bailouts since the financial crisis began.
The state took control of the local operations of Fortis , including ABN AMRO, for 16.8 billion euros in October 2008, a year after a consortium including Fortis and Royal Bank of Scotland bought ABN.
"I doubt that this is the last capital injection," said Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. "Undoubtedly there will be a few billion more along the way."
Finance Minister Wouter Bos made clear he meant for Thursday's infusion to be the last.
"It is our intention that this is the last time money goes to ABN. If, under normal circumstances, there will be a situation that capital is needed, they have to find a solution on their own and not come back to us again," Bos told reporters.

In addition to the 3 billion euros cash, the government said 1.4 billion euro in long-term bonds would be converted to equity for ABN AMRO, making the total infusion 4.4 billion euros.
The government had already pumped another 2.5 billion euros into ABN AMRO this summer to help fund the split of the state-owned assets from assets legally owned by RBS. That separation is expected in the first half of 2010.
The finance ministry said the new capital injection plus the one from summer would collectively raise the national debt by 0.5 percent of GDP and would require changes to the budget. The ministry said Statistics Netherlands, however, may estimate the infusion would raise the debt by as much as 0.9 percent of GDP.
The government, which will sell new bonds to finance the infusion, had previously forecast in September that public debt would be 65.8 percent of GDP next year.
Bos' ultimate plan is to merge ABN AMRO and Fortis Bank Nederland, which is expected to generate synergies of about 1.1 billion euros a year. The merger process is expected to start sometime in 2010, after the ABN/RBS separation.
While the market had been expecting the government to launch an IPO for the combined group in 2011, the finance ministry said on Thursday it was too soon to establish exactly how the group would be sold -- an IPO, a trade sale or some other path.
It did say the combined group could be privatised in "several years".

The deal with Deutsche Bank, agreed on Oct. 20, involves the sale of assets in the small- and medium-sized enterprise market.
The European Commission ordered Fortis to sell those assets in 2007, an obligation the state inherited.
Under the revised terms, ABN AMRO will cover 75 percent of the net losses from the portfolio of commercial bank HBU, which is included in the sale. Deutsche Bank will cover the rest.
ABN, which was originally meant to cover all the losses, said in a statement it will recognize the losses this quarter.
That so-called "credit umbrella" will last until the last loan in the portfolio matures, in about 30 years. The majority of the portfolio expires in less than five years, though.
For Deutsche it marks yet another opportunistic acquisition to diversify its revenues away from investment banking, after buying a stake in Deutsche Postbank AG and an agreement to buy wealth manager Sal. Oppenheim.
Konrad Becker, a banking analyst with Merck Finck & Co. said Deutsche's targeting of Dutch assets for 700 million euros was an opportunistic chance to expand in Europe but did not represent a radical change in strategy.
"The deal isn't as favourable as the first one they negotiated, but it remains an attractive asset for an attractive price."
By adding the ABN assets, Deutsche will become the fourth-largest provider of corporate and investment banking services in the Netherlands.
At 17.50 GMT Deutsche Bank shares were down 3 percent at 50.12 euros, underperforming the Dow Jones Stoxx banking index which was 2 percent lower.
Deutsche Bank CEO Josef Ackermann has recently urged his board to look for targets, but cautioned them to be selective.

(Additional reporting by Reed Stevenson and Harro Ten Wolde in Amsterdam and Edward Taylor in Frankfurt; Editing by Jon Loades-Carter, Will Waterman, and Andrew Macdonald)

($1=.6722 Euro)

((Related stories:

For a timeline on ABN's troubles, click

For a factbox on the cash injection, click)) Keywords: ABNAMRO/ (ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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Nov 19 (Reuters) - Top U.S. and European banks have lost more than $1 trillion on toxic assets and from bad loans since the start of 2007, and were expected to top $2.8 trillion from 2007-10 with roughly two thirds from loans and the remainder on securities, according to International Monetary Fund forecasts.

U.S. banks were expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said at the end of September. It said U.S. banks were about 60 percent through their losses, but British and eurozone banks were only 40 percent through their writedowns.

Below is a list of estimated losses:

(in billions of dollars at current exchange rates)

Citigroup 29.1 63.4 21.8 $124.0
Wachovia Corp* 4.0 73.4 $77.4
Bank of America 12.1 29.2 27.0 $68.3
Merrill Lynch** 25.1 38.6 $63.7
HSBC 19.3 30.3 13.9 $63.5
Lloyds& 6.8 28.9 22.3 $58.0
UBS 50.6 1.7 $52.3
Royal Bk Scotland 7.0 23.5 19.6 $50.1
Fannie Mae 4.7 26.9 15.4 $47.0
Freddie Mac 5.2 24.4 12.8 $42.4
Washington Mutual*** 5.1 36.7 $41.8
Barclays 7.0 16.5 10.3 $33.8
JPMorgan Chase 4.5 10.2 16.8 $31.5
Lehman Brothers**** 12.5 14.0 $26.5
Santander 4.8 8.3 10.6 $23.7
Commerzbank/Dresdner 3.9 13.3 4.5 $22.3
Morgan Stanley 10.3 10.1 1.7 $22.1
Wells Fargo 3.5 8.7 8.2 $20.4
Deutsche Bank 4.0 11.2 3.1 $18.3
Credit Suisse 3.5 11.9 1.9 $17.3
IKB && $14.7
National City***** $14.0
BNP Paribas+ 2.4 8.0 3.4 $13.8
BBVA 2.7 4.2 5.5 $12.4
UniCredit 3.5 5.1 2.4 $11.0
Societe Gen+ 1.3 3.7 5.8 $10.8
C.Agricole+ 2.7 4.4 3.1 $10.2
ING 7.1 2.4 $9.5
Bayern LB 1.1 8.0 $9.1
Intesa Sanpaolo 1.6 4.5 2.6 $8.7
Goldman Sachs 1.7 4.9 1.9 $8.5
Natixis+ 2.0 2.5 3.1 $7.6
Canadian Imp Bk Commerce $6.5
Erste Bank 0.8 2.5 1.3 $4.6
Standard Chartered 0.8 1.8 1.1 $3.7
Bear Stearns****** 3.0 0.6 $3.6
Fortis $3.1
WestLB $3.0
Rabobank 0.8 1.7 $2.5

===============================================================
Total $1,071.7

(Sources: Reuters/annual reports/company filings)

Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.

NOTES:

Nov 19 (Reuters) - Top U.S. and European banks have lost more than $1 trillion on toxic assets and from bad loans since the start of 2007, and were expected to top $2.8 trillion from 2007-10 with roughly two thirds from loans and the remainder on securities, according to International Monetary Fund forecasts.

U.S. banks were expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said at the end of September. It said U.S. banks were about 60 percent through their losses, but British and eurozone banks were only 40 percent through their writedowns.

Below is a list of estimated losses:

(in billions of dollars at current exchange rates)

Citigroup 29.1 63.4 21.8 $124.0
Wachovia Corp* 4.0 73.4 $77.4
Bank of America 12.1 29.2 27.0 $68.3
Merrill Lynch** 25.1 38.6 $63.7
HSBC 19.3 30.3 13.9 $63.5
Lloyds& 6.8 28.9 22.3 $58.0
UBS 50.6 1.7 $52.3
Royal Bk Scotland 7.0 23.5 19.6 $50.1
Fannie Mae 4.7 26.9 15.4 $47.0
Freddie Mac 5.2 24.4 12.8 $42.4
Washington Mutual*** 5.1 36.7 $41.8
Barclays 7.0 16.5 10.3 $33.8
JPMorgan Chase 4.5 10.2 16.8 $31.5
Lehman Brothers**** 12.5 14.0 $26.5
Santander 4.8 8.3 10.6 $23.7
Commerzbank/Dresdner 3.9 13.3 4.5 $22.3
Morgan Stanley 10.3 10.1 1.7 $22.1
Wells Fargo 3.5 8.7 8.2 $20.4
Deutsche Bank 4.0 11.2 3.1 $18.3
Credit Suisse 3.5 11.9 1.9 $17.3
IKB && $14.7
National City***** $14.0
BNP Paribas+ 2.4 8.0 3.4 $13.8
BBVA 2.7 4.2 5.5 $12.4
UniCredit 3.5 5.1 2.4 $11.0
Societe Gen+ 1.3 3.7 5.8 $10.8
C.Agricole+ 2.7 4.4 3.1 $10.2
ING 7.1 2.4 $9.5
Bayern LB 1.1 8.0 $9.1
Intesa Sanpaolo 1.6 4.5 2.6 $8.7
Goldman Sachs 1.7 4.9 1.9 $8.5
Natixis+ 2.0 2.5 3.1 $7.6
Canadian Imp Bk Commerce $6.5
Erste Bank 0.8 2.5 1.3 $4.6
Standard Chartered 0.8 1.8 1.1 $3.7
Bear Stearns****** 3.0 0.6 $3.6
Fortis $3.1
WestLB $3.0
Rabobank 0.8 1.7 $2.5

===============================================================
Total $1,071.7

(Sources: Reuters/annual reports/company filings)

Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.

NOTES:

Nov 19 (Reuters) - Top U.S. and European banks have lost more than $1 trillion on toxic assets and from bad loans since the start of 2007, and were expected to top $2.8 trillion from 2007-10 with roughly two thirds from loans and the remainder on securities, according to International Monetary Fund forecasts.

U.S. banks were expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said at the end of September. It said U.S. banks were about 60 percent through their losses, but British and eurozone banks were only 40 percent through their writedowns.

Below is a list of estimated losses:

(in billions of dollars at current exchange rates)

Citigroup 29.1 63.4 21.8 $124.0
Wachovia Corp* 4.0 73.4 $77.4
Bank of America 12.1 29.2 27.0 $68.3
Merrill Lynch** 25.1 38.6 $63.7
HSBC 19.3 30.3 13.9 $63.5
Lloyds& 6.8 28.9 22.3 $58.0
UBS 50.6 1.7 $52.3
Royal Bk Scotland 7.0 23.5 19.6 $50.1
Fannie Mae 4.7 26.9 15.4 $47.0
Freddie Mac 5.2 24.4 12.8 $42.4
Washington Mutual*** 5.1 36.7 $41.8
Barclays 7.0 16.5 10.3 $33.8
JPMorgan Chase 4.5 10.2 16.8 $31.5
Lehman Brothers**** 12.5 14.0 $26.5
Santander 4.8 8.3 10.6 $23.7
Commerzbank/Dresdner 3.9 13.3 4.5 $22.3
Morgan Stanley 10.3 10.1 1.7 $22.1
Wells Fargo 3.5 8.7 8.2 $20.4
Deutsche Bank 4.0 11.2 3.1 $18.3
Credit Suisse 3.5 11.9 1.9 $17.3
IKB && $14.7
National City***** $14.0
BNP Paribas+ 2.4 8.0 3.4 $13.8
BBVA 2.7 4.2 5.5 $12.4
UniCredit 3.5 5.1 2.4 $11.0
Societe Gen+ 1.3 3.7 5.8 $10.8
C.Agricole+ 2.7 4.4 3.1 $10.2
ING 7.1 2.4 $9.5
Bayern LB 1.1 8.0 $9.1
Intesa Sanpaolo 1.6 4.5 2.6 $8.7
Goldman Sachs 1.7 4.9 1.9 $8.5
Natixis+ 2.0 2.5 3.1 $7.6
Canadian Imp Bk Commerce $6.5
Erste Bank 0.8 2.5 1.3 $4.6
Standard Chartered 0.8 1.8 1.1 $3.7
Bear Stearns****** 3.0 0.6 $3.6
Fortis $3.1
WestLB $3.0
Rabobank 0.8 1.7 $2.5

===============================================================
Total $1,071.7

(Sources: Reuters/annual reports/company filings)

Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.

NOTES:

By Ben Berkowitz and Gilbert Kreijger

AMSTERDAM/THE HAGUE, Nov 19 (Reuters) - The Dutch government said it would have to inject another 3 billion euros ($4.5 billion) into nationalised bank ABN AMRO, raising the national debt with no immediate return for the state.
The finance ministry also said on Thursday that a long-negotiated ABN asset sale to Deutsche Bank was worth 700 million euros, but could collapse unless parliament approves it by Dec. 31. Deutsche Bank declined to comment.
The government has now committed more than 23 billion euros in the last 13 months to ABN AMRO and the nationalisation process, making it one of the world's costliest bailouts since the financial crisis began.
The state took control of the local operations of Fortis , including ABN AMRO, for 16.8 billion euros in October 2008, a year after a consortium including Fortis and Royal Bank of Scotland bought ABN.
"I doubt that this is the last capital injection," said Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. "Undoubtedly there will be a few billion more along the way."
But Finance Minister Wouter Bos made clear that he meant for Thursday's infusion to be the last.
"It is our intention that this is the last time money goes to ABN. If, under normal circumstances, there will be a situation that capital is needed, they have to find a solution on their own and not come back to us again," Bos told reporters.

In addition to the 3 billion euros cash, the government said 1.4 billion euro in long-term bonds would be converted to equity for ABN AMRO, making the total infusion 4.4 billion euros.
The government had already pumped another 2.5 billion euros into ABN AMRO this summer to help fund the split of the state-owned assets from assets legally owned by RBS. That separation is expected in the first half of 2010.
The finance ministry said the new capital injection plus the one from summer would collectively raise the national debt by 0.5 percent of GDP and would require changes to the budget. The ministry said Statistics Netherlands, however, may estimate the infusion would raise the debt by as much as 0.9 percent of GDP.
The goverment, which will sell new bonds to finance the infusion, had previously forecast in September that public debt would be 65.8 percent of GDP next year.
Bos's ultimate plan is to merge ABN AMRO and Fortis Bank Nederland, which is expected to generate synergies of about 1.1 billion euros a year. The merger process is expected to start sometime in 2010, after the ABN/RBS separation.
While the market had been expecting the government to launch an IPO for the combined group in 2011, the finance ministry said on Thursday it was too soon to establish exactly how the group would be sold -- an IPO, a trade sale or some other path.
But it did say the combined group could be privatised in "several years".

The deal with Deutsche Bank, agreed on Oct. 20, involves the sale of assets in the small and medium-sized enterprise market.
The European Commission ordered Fortis to sell those assets in 2007, an obligation the state inherited.
Under the revised terms, ABN AMRO will cover 75 percent of the net losses from the portfolio of commercial bank HBU, which is included in the sale. Deutsche Bank will cover the rest.
ABN, which was originally meant to cover all the losses, said in a statement it will recognize the losses this quarter.
That so-called "credit umbrella" will last until the last loan in the portfolio matures, in roughly 30 years. The majority of the portfolio expires in less than five years, though.
For Deutsche it marks yet another opportunistic acquisition to diversify its revenues away from investment banking, following the purchase of a stake in Deutsche Postbank AG and an agreement to buy wealth managemer Sal. Oppenheim.
Deutsche Bank CEO Josef Ackermann has recently urged his board to look for targets but cautioned them to be selective.

(Additional reporting by Reed Stevenson and Harro Ten Wolde in Amsterdam and Edward Taylor in Frankfurt; Editing by Jon Loades-Carter/Will Waterman)

((Related stories:

For a timeline on ABN's troubles, click

For a factbox on the cash injection, click))
($1=.6722 Euro) Keywords: ABNAMRO/

(ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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By Huw Jones

LONDON, Nov 19 (Reuters) - Britain's financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.
The draft law's main provisions were announced by the government on Wednesday and enforce pledges Britain and other members of the G20 group of leading countries made this year to apply lessons from the credit crunch.
"The bill we are introducing today is central to the government's reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions," Britain's Finance Minister Alistair Darling said in a statement.

The Financial Services Authority (FSA) will have "information gathering powers extended to non-regulated firms, including hedge funds, where information is relevant to financial stability", the draft law says.
Hedge fund managers are already required to register and provide data. The European Union is also adopting a law with similar provisions.
The FSA will have a new, explicit objective of helping to ensure financial stability, giving it a bigger role in monitoring and assessing risk that could destabilise the broader financial system -- a supervisory gap the credit crunch highlighted in many countries.
"The measures in the bill, particularly under the proposed financial stability objective, will give the FSA more powers to carry out its remit from parliament in a more effective manner," an FSA spokesman said.
The opposition Conservative Party, tipped by pollsters to win the election due by June, wants to abolish the FSA and hand all individual bank and system-wide supervision to the Bank of England.
Britain's financial services minister Paul Myners said there were no plans for tearing up existing pay contracts.
"That's an abrogation of legal contracts which governments should not contemplate," Myners told Sky News television.
"What we are saying is that going forward all contracts have to comply with the framework specified by the FSA, and if a bank were to offer a contract which the FSA regarded as reckless... then that contract could be voided and penalties could arise," Myners said.
He does not expect this to happen in practice and banks are keen on the provision as it will help them "manage better the greed they have been confronted" with.
The bill will also give the FSA powers to curb short-selling and require disclosure on short selling, a practice favoured by some hedge funds and blamed by policymakers for amplifying selloffs in bank shares at the height of the credit crunch.
Such measures have already been used by the FSA.
The watchdog will also have a duty to require firms to plan for their possible demise by drawing up "living wills" or recovery and resolution plans for a speedy wind down that avoids the need for taxpayer bailouts.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
The bill also contains provisions on pay in light of a UK government commissioned review by former top banker David Walker on how to strengthen corporate governance and make boards more accountable for a bank's activities.
The final version of the Walker Review is published on Nov. 26 but the government has already said it backs the findings of a preliminary version released this year.
There will also be a new Financial Services Compensation Scheme to compensate British customers of overseas financial firms. Britain had to step in to safeguard deposits held by UK customers of failing Icelandic banks.

(Additional reporting by Avril Ormsby, editing by Andy Bruce) Keywords: BRITAIN FINANCIAL/ (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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RNS Number : 7918C Royal Bank of Scotland Group PLC 19 November 2009

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes in block capital letters.

1. Name of the issuer

The Royal Bank of Scotland Group plc

2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

i 3. Name of person discharging managerial responsibilities/director John McFarlane

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person -

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest In respect of a holding of the person referred to in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares Ordinary shares of £0.25

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them Cheviot Capital (Nominees) Limited

8 State the nature of the transaction Purchase of shares

9. Number of shares, debentures or financial instruments relating to shares acquired 50,000

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

-

13. Price per share or value of transaction £0.37775

14. Date and place of transaction 18 November 2009

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 50,000 0.00008%

16. Date issuer informed of transaction 18 November 2009

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant

-

18. Period during which or date on which it can be exercised

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved (class and number)

-

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

-

22. Total number of shares or debentures over which options held following notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

Aileen Taylor, Head of Group Secretariat

0131 626 4099

Name and signature of duly authorised officer of issuer responsible for making notification

Aileen Taylor, Head of Group Secretariat

Date of notification 19 November 2009

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes in block capital letters.

1. Name of the issuer

The Royal Bank of Scotland Group plc

2. State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

i 3. Name of person discharging managerial responsibilities/director Sir Philip Roy Hampton

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person -

5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest In respect of a holding of the person referred to in 3

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares Ordinary shares of £0.25

7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them Sir Philip Roy Hampton 8 State the nature of the transaction Purchase of shares

9. Number of shares, debentures or financial instruments relating to shares acquired 250,000

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

11. Number of shares, debentures or financial instruments relating to shares disposed

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

-

13. Price per share or value of transaction £0.3685 14. Date and place of transaction 18 November 2009

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 276,312 0.00049%

16. Date issuer informed of transaction 18 November 2009

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17 Date of grant

-

18. Period during which or date on which it can be exercised

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved (class and number)

-

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

-

22. Total number of shares or debentures over which options held following notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

Aileen Taylor, Head of Group Secretariat

0131 626 4099

Name and signature of duly authorised officer of issuer responsible for making notification

Aileen Taylor, Head of Group Secretariat

Date of notification 19 November 2009

This information is provided by RNS The company news service from the London Stock Exchange

RDSILFISLFLALIA

By Ben Berkowitz and Gilbert Kreijger

AMSTERDAM/THE HAGUE, Nov 19 (Reuters) - The Dutch government said it would have to inject another 3 billion euros cash into nationalised bank ABN AMRO, raising the national debt with no return for the state in the immediate future.
The finance ministry also said on Thursday that a long-negotiated ABN asset sale to Deutsche Bank was worth 700 million euros, but could collapse unless parliament approves it by Dec. 31. Deutsche Bank declined to comment.
The government nationalised the local operations of Fortis , including ABN AMRO, for 16.8 billion euros in October 2008, a year after a consortium including Fortis and Royal Bank of Scotland bought ABN.
"I doubt that this is the last capital injection," said Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. "Undoubtedly there will be a few billion more along the way."
In addition to the 3 billion euros cash, the government said 1.4 billion euro long-term bond would be converted to equity for ABN AMRO, making the total infusion 4.4 billion euros.
The government had already pumped another 2.5 billion euros into ABN AMRO this summer to help fund the split of the state-owned assets from assets legally owned by RBS. That separation is expected in the first half of 2010.
The finance ministry said the new capital injection plus the one from summer would collectively raise the national debt by 0.5 percent of GDP and would require changes to the budget.
The goverment, which will sell new bonds to finance the infusion, had previously forecast in September that public debt would be 65.8 percent of GDP next year.

SPLIT ON TRACK, NO TIMING
The government's ultimate plan is to merge ABN AMRO and Fortis Bank Nederland, which it expects to generate synergies of about 1.1 billion euros a year.
While the market had been expecting the government to launch an IPO for the combined group in 2011, the finance ministry said on Thursday it was too soon to establish exactly how the group would be sold -- an IPO, a trade sale or some other path.
But it did say the combined group could be privatised in "several years".
The merger process is expected to start sometime in 2010, after the ABN/RBS separation.

The deal with Deutsche Bank, agreed on Oct. 20, involves the sale of some ABN AMRO assets serving the small and medium-sized enterprise market.
The European Commission ordered Fortis to sell those assets in 2007, an obligation the Dutch state inherited after the nationalisation. However, it took nearly a year of renegotiations to arrive at the new transaction.
Under the revised terms, ABN AMRO will cover 75 percent of the net losses from the portfolio of commercial bank HBU, which is included in the sale. Deutsche Bank will cover the remaining losses.
That so-called "credit umbrella" will last until the last loan in the portfolio matures, in roughly 30 years. The majority of the portfolio expires in less than five years, though.
Under the original deal, ABN AMRO would have shouldered 100 percent of the losses.
For a Timeline on ABN's troubles, click
For a Factbox on the cash injection, click

(Additional reporting by Reed Stevenson and Harro Ten Wolde in Amsterdam; Editing by Jon Loades-Carter/Will Waterman) Keywords: ABNAMRO/ (ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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AMSTERDAM, Nov 19 (Reuters) - The Dutch government will pump more capital into nationalised bank ABN AMRO to ensure its solvency.
Following are five facts about ABN AMRO and the government's actions announced Thursday:

* The Dutch government said ABN AMRO will need another 3 billion euros in cash to boost capital, bringing the total injections thus far to 6.88 billion euros. Before that, the government spent 16.8 billion euros to nationalise ABN in October 2008.

* The Finance Ministry says the recapitalisation will require budget changes, with the injections for ABN increasing state debt by 0.5 percent of GDP.

* A consortium including Fortis and Royal Bank of Scotland bought ABN AMRO in 2007 with the intent to carve it up. A year later the Dutch government nationalised all of Fortis's local operations, including ABN AMRO. Some parts of ABN are legally owned by RBS and yet to be separated.

* The sale of ABN AMRO assets to Deutsche Bank is valued at 700 million euros, and it could collapse unless parliament approves it by Dec. 31. Deutsche Bank would be owed a breakup fee of 35 million euros if the deal does not close.

* Dutch Finance Minister Wouter Bos says the deal with Deutsche Bank, which was renegotiated in October, is better than the original one, with a lower loss on the deal and better risk division.

(Reporting by Suzan Yucel and Ben Berkowitz, editing by Will Waterman) Keywords: ABNAMRO/DETAILS (ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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AMSTERDAM, Nov 19 (Reuters) - Dutch Finance Minister Wouter Bos says: