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RBS losses more than double last year's figure

Credit: Yui Mok / PA

The Royal Bank of Scotland has reported a first quarter pre-tax loss of £968 million - more than double last year's of £446 million.

The loss reflects the impact of its £1.2 billion payment last month to the Treasury to buy out a crucial part of its £45 billion bailout.

The payment ended a dividend access share (DAS) agreement with the Government which was put in place in 2009 and prevented it paying dividends to any shareholders before the Treasury.

The bank said: "RBS remains on track with its plan to build a strong, simple, fair bank for customers and shareholders."

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Investigators raid Panama Papers law firm property

Leaked data from Mossack Fonseca led to the Panama Papers revelations Credit: PA

Panamanian authorities raided a property used by Mossack Fonseca, the law firm whose leaked documents led to the 'Panama Papers' revelations.

"We have secured a large amount of evidence found in the location," said organized crime investigator Javier Caraballo, adding that some of the evidence was in the form of shredded documents.

The Panama Papers leaks have embarrassed several world leaders and shone a spotlight on the shadowy world of offshore companies.

Mossack Fonseca, which specializes in setting up offshore companies, has said it broke no laws, destroyed no documents and all its operations were legal.

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