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The £2.9bn of new provisions includes £1.9bn for misconduct issues such as US settlements over subprime mortgages, some £465m for PPI mis-selling, which takes the total cost to £3.1bn, and a further £500m for interest rate swap mis-sellling, taking the total to £1.3bn.
Two US banks – Bank of America and JP Morgan – account for half of all the $219bn of provisions with $70bn and $37bn each, largely as a result of US settlements relating to the way they sold mortgages and mortgage bonds in early part of the banking crisis.
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But we cannot say we will try settlers because for us settlement is not a crime".
It was the largest US settlement since the tobacco industry agreed to pay more than $200bn compensation to victims of smoking-related diseases in 1998.
Annual US settlement payments approximate $5 billion.
However, even during their early years of US settlement, when transnational bonds might be expected to be strong, pre-1990 émigresistedsted cross-border economic ties.
Complemented by changing market conditions, the policy has lead to lower US settlement rates, but most rates still exceed competitive market levels.
Still, the Serbs were forced to accept US-dictated settlements to their wars, largely because they were alone: Russian support for Serbia remained confined to rhetoric, unlike Iranian support for today's Syria, which consists of both weapons and battle-hardened fighters.
This simple act reminds us that settlements are a grave violation of international law and an instrument in a dangerous project of de facto annexation.
"While putting new responsibilities on us, this settlement also gives us the freedom to keep innovating for our customers".
Steve uses this high vantage point to show us more settlement buildings, including one that has sprung up within the last few weeks.
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