Royal Bank of Scotland has lost all the money pumped into it in 2008
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Royal Bank of Scotland has lost all the money pumped into it in 2008
Royal Bank of Scotland has lost all the money invested in it by the taxpayer six years ago when the lender came close to collapse.
The bank has confirmed its total losses since its bailout have now drawn level with the £46bn pumped into it in 2008 in return for an 81pc stake.
RBS made a loss last year of £8.2bn, its sixth consecutive annual loss, taking its cumulative losses to £46bn.
The scale of the losses means that all the capital provided by the taxpayer has now been used up dealing with the toxic legacy assets on the bank's balance sheet.
Losses at the bank came after it took a £3.8bn bill for customer mis-selling compensation and a £4.8bn impairment charge against the continued run down of its bad loans.
Excluding these costs, RBS reported an operating loss for the year of £2.5bn, with profits from its retail and commercial business falling 4pc year-on-year to £4.1bn, while its markets division reported a 58pc fall compared to 2012 making a profit of £638m.
Despite, the loss RBS said it had put aside £576m to pay staff bonuses for 2013.
Ross McEwan, chief executive of RBS, will use the results to set out his plans to turnaround the lender that has yet to report a profit six years on from its state-funded £46bn bailout in 2008.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10664372/RBS-has-lost-all-the-46bn-pumped-in-by-the-taxpayer.html
We must not let any Government prop them up again with OUR money.
The bank has confirmed its total losses since its bailout have now drawn level with the £46bn pumped into it in 2008 in return for an 81pc stake.
RBS made a loss last year of £8.2bn, its sixth consecutive annual loss, taking its cumulative losses to £46bn.
The scale of the losses means that all the capital provided by the taxpayer has now been used up dealing with the toxic legacy assets on the bank's balance sheet.
Losses at the bank came after it took a £3.8bn bill for customer mis-selling compensation and a £4.8bn impairment charge against the continued run down of its bad loans.
Excluding these costs, RBS reported an operating loss for the year of £2.5bn, with profits from its retail and commercial business falling 4pc year-on-year to £4.1bn, while its markets division reported a 58pc fall compared to 2012 making a profit of £638m.
Despite, the loss RBS said it had put aside £576m to pay staff bonuses for 2013.
Ross McEwan, chief executive of RBS, will use the results to set out his plans to turnaround the lender that has yet to report a profit six years on from its state-funded £46bn bailout in 2008.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10664372/RBS-has-lost-all-the-46bn-pumped-in-by-the-taxpayer.html
We must not let any Government prop them up again with OUR money.
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