The Royal Bank of Scotland Group has announced that it has terminated its £8 billion Contingent Capital Facility (CCF) with Her Majesty’s Treasury with effect from 16 December 2013.
It received approval from the Prudential Regulatory Authority to do so.
The Group says it has been able to cancel the CCF in light of the recent actions announced to further strengthen its capital position.
On entering into the CCF in 2009, RBS paid annual fees totalling £1.2 billion. Following termination of the CCF, the outstanding final annual fee of £320 million is no longer payable.