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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 although conditions had improved in the past three months 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 had also extended £27bn of credit lines to small and medium businesses, which had not been taken up.
It added that its core banking activities had made an operating profit of £1.2bn. It added 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. Earlier in the week, it was announced that RBS is to be forced by the European Commission to sell parts of its business
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 will sell RBS branches - originally under the Williams & Glyn's brand - in England and Wales, as well as the NatWest brand in Scotland, RBS Insurance, and its card payment business, Global Merchant Services.
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%. It also plans to put £282bn of its assets into the government's insurance scheme for toxic assets, taking the government's stake in RBS to 84%.