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| RBS bank reports losses of £2.2bn | RBS bank reports losses of £2.2bn |
| (20 minutes later) | |
| Royal Bank of Scotland Group, which is 70%-owned by taxpayers, has reported a pre-tax loss of £2.2bn for the three months to the end of September. | Royal Bank of Scotland Group, which is 70%-owned by taxpayers, has reported a pre-tax loss of £2.2bn for the three months to the end of September. |
| It compares with a profit of £1.9bn in the same period last year. | It compares with a profit of £1.9bn in the same period last year. |
| RBS has written off another £3.3bn in bad debts and other bad investments, which is down from the £4.7bn it wrote off in the previous three months. | RBS has written off another £3.3bn in bad debts and other bad investments, which is down from the £4.7bn it wrote off in the previous three months. |
| The bank said that conditions had improved in the past three months but that they "remain fragile". | The bank said that conditions had improved in the past three months but that they "remain fragile". |
| It predicted that the number of companies failing and the number of people out of work would not peak until next year. | It predicted that the number of companies failing and the number of people out of work would not peak until next year. |
| RBS said it had increased lending to small businesses in the past three months and that it also had £27bn of credit lines that had been extended to small and medium businesses but not taken up. | RBS said it had increased lending to small businesses in the past three months and that it also had £27bn of credit lines that had been extended to small and medium businesses but not taken up. |
| It added that its core banking activities had made an operating profit of £1.2bn. | It added that its core banking activities had made an operating profit of £1.2bn. |
| Earlier in the week, it was announced that RBS is to be forced to sell parts of its business by the European Commission. | |
| It will sell RBS branches in England and Wales - originally under the Williams & Glyn's brand - as well as the NatWest brand in Scotland, RBS Insurance and Global Merchant Services, its card payment business. | |
| It is also going to put £282bn of its assets into the government's insurance scheme for toxic assets, as a result of which the government's stake in RBS will rise to 84%. |