What is the current situation with regards to write-downs and exposures that RBS is currently facing with respect to the credit market?
There has been a severe and increasing deterioration in credit market conditions, a worsening economic outlook and an increased likelihood that credit markets could remain difficult for some time. For capital planning purposes, it has been assumed that there will be write-downs additional to those reported in 2007 in relation to credit market exposures. The Board has estimated that the effect on capital of write-downs in respect of credit market exposures could be £4.3 billion net of tax (£5.9 billion before tax) in 2008. As stated in the Prospectus RBS published on 30 April 2008, these estimates are based on what the Board considers to be prudent assumptions reflecting the further sharp deterioration in market conditions and outlook in credit markets at this point.
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