RBS appoints head of €45b internal bad bank

The Royal Bank of Scotland (RBS) has appointed Rory Cullinan, currently CEO of the bank's non-core division, to lead newly created bad bank the Capital Resolution Group (CRG).

Starting on 1 January, the CRG will include RBS Capital Resolution (RCR), responsible for the rundown of £38 bn (€45 bn) of non-core assets, including toxic real estate loans.

Ross McEwan, chief executive of RBS, said: 'This Capital Resolution Group will help us take the necessary actions on capital and risk to ensure nothing distracts us from making RBS a great customer bank.'

Cullinan led the bank's entry into the Asset Protection Scheme and over the past five years has delivered the reduction of £221 bn of assets in the non-core division. He will report to Ross McEwan and join the RBS executive committee from 1 January 2014.