Hester: 'Light visible at the end of the tunnel' for RBS

Royal Bank of Scotland chief executive Stephen Hester has said the bank was making "good progress", despite announcing losses of £5.16 billion today.

Mr Hester said that he believed the "light is clearly visible at the end of the tunnel".

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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.