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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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RBS pays the price for ‘legacy conduct issues’

Royal Bank of Scotland has detailed the “material impact” of “conduct issues” as part of its 2012 annual figures, these include:

  • A £450 million charge in relation to Payment Protection Insurance (PPI)
  • RBS provided £50 million over structured collar products
  • A further charge of £650 million over interest rate hedging products

Penalties of £381 million will be paid for Libor and other trading rates following an agreement with the Financial Services Authority earlier this month.

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