Comments on: Royal Bank of Canada – $1.4B http://bankimplode.com/blog/2008/05/29/royal-bank-of-canada/ Wed, 23 Sep 2009 21:43:37 -0400 http://wordpress.org/?v=2.8.1 hourly 1 By: Rodger Matlin http://bankimplode.com/blog/2008/05/29/royal-bank-of-canada/comment-page-1/#comment-1697 Rodger Matlin Thu, 30 Jul 2009 06:16:27 +0000 http://bankimplode.com/blog/?p=98#comment-1697 RBC is a fraud. This organization knowingly underwrites bad real estate loans and quickly securitizes these loans thru public markets. Junk in, junk out. You, the taxpayer covers RBC's fraudulent actions. RBC is a fraud. This organization knowingly underwrites bad real estate loans and quickly securitizes these loans thru public markets. Junk in, junk out. You, the taxpayer covers RBC’s fraudulent actions.

]]> By: Matt Goulart http://bankimplode.com/blog/2008/05/29/royal-bank-of-canada/comment-page-1/#comment-1586 Matt Goulart Sun, 31 May 2009 18:19:29 +0000 http://bankimplode.com/blog/?p=98#comment-1586 1.4 Billion... wow that is a lot of money. Well written article. 1.4 Billion… wow that is a lot of money.

Well written article.

]]> By: VivaViva http://bankimplode.com/blog/2008/05/29/royal-bank-of-canada/comment-page-1/#comment-1487 VivaViva Sun, 19 Apr 2009 09:51:04 +0000 http://bankimplode.com/blog/?p=98#comment-1487 TORONTO, April 16, 2009 — Royal Bank of Canada (RY on TSX and NYSE) today announced that it expects to record a goodwill impairment charge (on both a pre and after tax basis) of approximately US$850 million for the second quarter ending April 30, 2009. While the charge will reduce second quarter reported earnings by approximately US$850 million, it is a non-cash item and an accounting adjustment, and will not affect our ongoing operations, or our Tier 1 and Total capital ratios. As described in our First Quarter 2009 Report to Shareholders, we conducted the first of a two-step goodwill testing process during the first quarter and determined that the goodwill assigned to our International Banking reporting unit may be impaired. We have now completed the second step of the testing process and have determined that the International Banking reporting unit goodwill is impaired, resulting in the expected charge to second quarter earnings noted above. This expected charge reflects the impact of prolonged challenging economic conditions that have affected our International Banking reporting unit; in particular declines in the U.S. housing market, the deterioration in the overall U.S. economic environment and the decline in the market value of U.S. banks. TORONTO, April 16, 2009 — Royal Bank of Canada (RY on TSX and NYSE) today announced that it expects to record a goodwill impairment charge (on both a pre and after tax basis) of approximately US$850 million for the second quarter ending April 30, 2009. While the charge will reduce second quarter reported earnings by approximately US$850 million, it is a non-cash item and an accounting adjustment, and will not affect our ongoing operations, or our Tier 1 and Total capital ratios.

As described in our First Quarter 2009 Report to Shareholders, we conducted the first of a two-step goodwill testing process during the first quarter and determined that the goodwill assigned to our International Banking reporting unit may be impaired. We have now completed the second step of the testing process and have determined that the International Banking reporting unit goodwill is impaired, resulting in the expected charge to second quarter earnings noted above.

This expected charge reflects the impact of prolonged challenging economic conditions that have affected our International Banking reporting unit; in particular declines in the U.S. housing market, the deterioration in the overall U.S. economic environment and the decline in the market value of U.S. banks.

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