British bank RBS reports loss

August 5, 2011 - 1:38 AM

LONDON (AP) — Royal Bank of Scotland Group PLC is reporting a second-quarter loss after it wrote down the value of its Greek bond holdings by 733 million pounds ($841.5 millon).

The bank says it posted a net loss of 897 million pounds, compared with a profit of 257 million pounds in the same period last year. It also set aside a previously announced 850 million pound charge for customers who were missold payment protection insurance on mortgages and other loans.

RBS, which is 83 percent owned by the British taxpayer, has hundreds of millions of pounds of exposure to Greek debt, making it vulnerable to the country's ongoing crisis. Many of those losses are tied to its acquisition of Dutch bank ABN Amro.