RBS Down One Excuse For Not Paying Dividends

Don't worry, they've still got a bunch more to go.

Still awfully cloudy.

With the retirement of those pesky dividend-access shares that gave the British government exclusive access to said dividends, the Scots are going to have to come up with some other reasons not to pay their shareholders—still mostly a euphemism for the British Treasury, anyway. Luckily, the bank still has a vast and deep well of reasons not to pay dividends: Ten-figure fines, nine-figure fines, modest seven-figure fines, massive pension shortfalls, not turning a profit since Tony Blair was prime minister, etc., etc.

“This is another important milestone in our plan to resume capital distributions to our shareholders, and represents one less hurdle in our path to build the number one bank for customer service, trust and advocacy,” Chief Executive Ross McEwan said.

One hurdle down. Countless to go.

RBS Repays $1.71 Billion Owed to U.K., Retires Preferential Dividend [WSJ]