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RBS avoids 'bad bank' split

Royal Bank of Scotland today reported a sharp fall in operating profits to £438 million for the third quarter, from £909 million a year earlier. The bank is also to create an internal 'bad bank' with £38bn of problem assets, avoiding a full split.

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RBS: 'We have special responsibility to the UK economy'

RBS chief executive Ross McEwan has said that the bank has a 'special responsibility to the UK economy' because it was bailed out in 2008.

He said: "We have a special responsibility to the UK economy and the people of the UK; given in 2008 we were bailed out. The UK people put their hands in their pockets through the taxpayer and actually saved this organisation.

Ross McEwan, RBS chief executive. Credit: Sam Cardwell/AAP/Press Association Images

He added: "So our accountability needs to be one to get the money back but to do a much better job in this economy, getting it going on behalf of those taxpayers.

"We are the largest lender in the SME marketplace. We don’t need just to be the largest; we also need to be the best and today we’re a little bit short of that. "

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