London — Britain’s troubled Royal Bank of Scotland (RBS) on Thursday almost doubled provisions for its role in the 2008 US subprime crisis, placing it on course for yet another annual loss. The state-rescued lender said in a statement that it had set aside an additional £3.1bn to cover potential US fines over the alleged misselling of mortgage securities that precipitated the 2008 financial meltdown. The bank added that this took total provisions to £6.7bn, but cautioned that it remained in talks with the US justice department over a settlement. RBS, based in Edinburgh, said the charges were "in relation to various investigations and litigation matters relating to RBS’s issuance and underwriting of US residential mortgage-backed securities (RMBS)". The bank’s shares soared almost 5% in morning deals on investor relief that the sum was not higher. The lender, which is 73%-owned by the British government after a huge bail-out during the global financial crisis, warned that "further su...
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