RBS 2013 Annual Report Download - page 396
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Notes on the consolidated accounts
394
3 Operating expenses continued
The Group expects to complete its review of sales of IRHP and provide
basic redress to all customers who are entitled to it by the end of 2014.
On 23 October 2013, the Group announced that it would split
redress payments for all customers who may have been mis-sold IRHP.
Customers will receive redress monies without having to wait for the
assessment of any additional consequential loss claims which are outside
the allowance for such claims included in the 8% interest on redress due.
The Group continues to monitor the level of provision given the
uncertainties over the number of transactions that will qualify for redress
and the nature and cost of that redress.
Regulatory and legal actions
The Group is party to certain legal proceedings and regulatory
investigations and continues to co-operate with a number of regulators.
All such matters are periodically reassessed with the assistance of
external professional advisers, where appropriate, to determine the
likelihood of the Group incurring a liability and to evaluate the extent to
which a reliable estimate of any liability can be made. An additional
charge of £2,394 million was booked in 2013, primarily in respect of
matters related to mortgage-backed securities and securities related
litigation following recent third party litigation settlements and regulatory
decisions.
Integration costs included in operating expenses comprise expenditure incurred in respect of cost reduction and revenue enhancement programmes.
2013 2012 2011
£m £m £m
Staff costs — — 38
Premises and equipment 1 (2) 6
Other administrative expenses 1 2 51
Depreciation and amortisation — — 11
2 — 106
Restructuring costs included in operating expenses comprise: 2013 2012 2011
£m £m £m
Staff costs 194 700 342
Premises and equipment 112 141 155
Other administrative expenses 177 261 268
Depreciation and amortisation 6 142 —
489 1,244 765
Divestment costs included in operating expenses comprise: 2013 2012 2011
£m £m £m
Staff costs 86 111 84
Premises and equipment 2 (2) 11
Other administrative expenses 77 62 50
165 171 145