Su is concerned that one of TMT's accounts, specifically the RBS PLC
Shipping Centre account in JP Morgan Chase Bank (New York head office) was provoked into default around the end of September 2008.
As described in the related pricing supplement for each ETN, RBS plc
, as Issuer of the ETNs, may redeem the ETNs in whole, but not in part, at its sole discretion prior to maturity.
The settlement arises from an investigation initiated by RBS plc
in 2010 into its historical US dollar payment practices and controls in the UK.
UK's RBS Plc
(LSE: RBS) (NYSE: RBS-PP) is expecting to save GBP200m by the end of the decade through a comprehensive environmental policy based on fresh targets for energy use, recycling, and business travel, BusinessGreen has reported online.
Lloyds TSB Bank Plc and Co-Operative Bank Plc had their ratings lowered one step by Moody's, while RBS Plc
and Nationwide Building Society were cut two levels.
Fitch currently rates RBS PLC
'AA-/F1+' with a Stable Outlook.