Stephen Hester: 'Good progress' has been made

RBS chief executive Stephen Hester has declared that good progress has been made on the bank's recovery plan despite a sharp rise in losses.

RBS is four years into its recovery plan and good progress has been made.

We are a much smaller, more focused and stronger bank.

Our target is for 2013 to be the last big year of restructuring.

There will be important work still to do, but an increasingly sound base from which to work.

As the spotlight shifts to the ‘new RBS’ post restructuring, we are determined that it will show a leading UK bank striving to be a really good bank.

By serving customers well RBS can become one of the most respected, valued and stable of banks.

That is our goal.

– RBS chief executive Stephen Hester

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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.