The DAS Retirement Agreement sets out the process for removal of the DAS – a key element of the Government’s 2009 capital injection into RBS and the associated European Commission approval of the State Aid package for the bank. Among other benefits, the retirement of the DAS will in future allow the Board of RBS to state more clearly a dividend policy to existing and potential investors.
Ross McEwan, RBS Group Chief Executive, said:
“Today’s agreement is a vote of confidence in the progress we have made in rebuilding RBS and in our plan for the bank’s future. We now need to get on with building an RBS that can earn the trust of our customers and help change UK banking for the better.”