RBS sets aside further £2.9bn for misconduct and misselling

State-backed bank RBS has put aside a further £2.9bn to cover various claims.

That includes £1.9bn to cover various claims and conduct matters, and £465m for PPI and associated costs.

That brings cumulative PPI provision to £3.1bn (£2.2bn has been used as of 31 December 2013). The remaining £0.9bn covers approximately 12 months of redress and admin expenses.

Another £500m is being set aside for Interest Rate Hedging Products redress. That's to account for both higher volumes and anticipated redress payments.

None of RBS' executive committee are taking bonuses for 2013 and the chief executive won't take any for 2013 or 2014.