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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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PM: No timetable set for selling RBS shares

The Prime Minister's official spokesman has said that no timetable has been set selling off RBS shares. Credit: PA Wire

The Prime Minister's official spokesman has said that no timetable has been set for selling off the Government's share in the Royal Bank of Scotland, after the bank announced losses of £5.16 billion.

David Cameron's spokesman added that RBS has shown "responsibility and restraint" in the bonus payouts.

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