RBS Posts £3.6bn Loss For 2009

RBS Posts £3.6bn Loss For 2009
Ed Merrison, Sky News Online

Bailed-out group Royal Bank of Scotland has posted a loss of £3.6bn loss for 2009.

Weathering the storm: RBS losses are down from the previous year

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The result is an improvement on the £24bn deficit suffered by the bank the previous year.

It comes a day after the bank, which is 84% owned by the taxpayer, announced it had been given the Government’s go-ahead to pay £1.3bn in bonuses.

Chief executive Stephen Hester waived his own bonus of up to £1.6m over the weekend.

This followed a similar move by Bob Diamond and John Varley, respectively the president and chief executive of Barclays, despite the bank not taking direct state aid.

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