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RBS announces £5bn losses

The Royal Bank of Scotland has announced losses of £5.16billion - a fifth consecutive annual loss. Chief Executive Stephen Hester described 2012 as a "chastening" year. It was also revealed the bank paid £607m in bonuses in 2012.

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Javid: RBS are paying ‘some of the lowest bonuses’

The economic secretary to the Treasury has said that bonuses are necessary for RBS to compete with other banks, and insisted that their payments are “some of the lowest in the industry”.

Sajid Javid added that RBS’s Libor fine had come out of the bank’s bonus pool.

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