This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8345922.stm

The article has changed 9 times. There is an RSS feed of changes available.

Version 3 Version 4
RBS bank reports losses of £2.2bn RBS bank reports losses of £2.2bn
(10 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 although conditions had improved in the past three months they "remain fragile".The bank said although conditions had improved in the past three months they "remain fragile".
FROM THE TODAY PROGRAMME More from Today programme
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 chief executive Stephen Hester told the BBC that the bank's recovery "would be a marathon not a sprint" and that he expected losses until well into next year.RBS chief executive Stephen Hester told the BBC that the bank's recovery "would be a marathon not a sprint" and that he expected losses until well into next year.
Higher lendingHigher lending
On the subject of bonuses, Mr Hester said everyone at the bank was treading a "very delicate tightrope".On the subject of bonuses, Mr Hester said everyone at the bank was treading a "very delicate tightrope".
He said the bank was leading the way on pay within the government constraints, but he added it was necessary that RBS kept the best people in order to return the bank to profitability.He said the bank was leading the way on pay within the government constraints, but he added it was necessary that RBS kept the best people in order to return the bank to profitability.
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. The BBC's chief economics correspondent, Hugh Pym, points out that RBS said it had increased lending to small businesses in the past three months and also extended £27bn of credit lines to small and medium businesses, which had not been taken up.
It added 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 by the European Commission to sell parts of its businessEarlier 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 - 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 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 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%.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%.