RBS gorges on BoE funding

Royal Bank of Scotland (RBS) tapped the Bank of England (BoE) for billions in cheap funding over the course of 2017, contributing to a 32.5% increase in its outstanding balances with the central bank.

RBS increased cash and other balances at central banks by £24.1 billion year-on-year, primarily because of deposits received through the BoE’s Term Funding Scheme (TFS).

BoE disclosures show that RBS had £14 billion in outstanding TFS drawings as of the end of September 2017, making it the second

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