Update: RBS shares rise despite further £3bn earmarked for US fines

For mis-selling RMBS in subprime crisis

Shares in RBS rose over 4% in early trading this morning despite the bank setting aside a further £3.1bn for US fines relating to the bank's mis-selling of mortgage-backed securities in the US subprime crisis.

The total provisions for fines has increased to £6.7bn as RBS  released a statement on to the stock exchange saying it is co-operating with the US Justice Department's investigation into the issuance and underwriting of US residential mortgage-backed securities (RMBS) during the global financial crisis. Top ten mis-selling scandals cost UK retail banks £53bn since 2000 The statement said: "RBS continues to cooperate with the US Department of Justice in its civil and criminal investigations of RMBS matters, and RBS considers it appropriate to take this provision now in relation to thos...