Costly downgrades

According to the Royal Bank of Scotland’s 2016 annual report, a simultaneous one-notch long-term and associated short-term downgrade in the credit ratings of RBS group and RBS plc – the principal direct operating subsidiary undertaking of the company – by the three main rating agencies would have required the bank to post an estimated additional collateral of £3.3 billion, without taking account of mitigating action by management.

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