AP News

News Summary: RBS exits gov't insurance program


EXIT: Royal Bank of Scotland, which was rescued in Britain's biggest bank bailout, is leaving a government emergency insurance program that helped stabilize the company after it nearly collapsed.

DETAILS: RBS agreed with the U.K. Treasury and the financial regulator that it will leave the Asset Protection Scheme, in which the bank paid $4 billion to insure against losses on bad loans and other risky assets.

REBOUND: Chief Executive Stephen Hester said the development was "a significant milestone" in the bank's recovery from the financial crisis.


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