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RBS reports £3.6bn loss for 2009 RBS reports £3.6bn loss for 2009
(20 minutes later)
Royal Bank of Scotland (RBS) has announced losses for 2009 of £3.6bn, after struggling with billions of pounds of bad loans.Royal Bank of Scotland (RBS) has announced losses for 2009 of £3.6bn, after struggling with billions of pounds of bad loans.
The figure is lower than the £5bn loss many experts were expecting and is well below the £24bn it lost in 2008. The loss figure is lower than the £5bn loss many experts were expecting and is well below the £24bn it lost in 2008.
The UK taxpayer owns 84% of RBS after the government bailed out the bank at the end of 2008.The UK taxpayer owns 84% of RBS after the government bailed out the bank at the end of 2008.
RBS is the second major UK bank to report 2009 results, after Barclays announced record profits of £11.6bn.RBS is the second major UK bank to report 2009 results, after Barclays announced record profits of £11.6bn.
RBS is expected to pay £1.3bn in bonuses to its staff, but the bank's chief executive, Stephen Hester, has said he will not take his bonus of £1.6m.
Mr Hester told BBC Radio 4's Today programme the bank had lost out by not paying bigger bonuses.
"We've had a small experiment in this respect... some of our best-performing people have been leaving in their thousands," he said.
"The people who left us last year, I believe, would have increased our profits by up to a billion pounds beyond the ones that we've got."
He added he expected the bank to return to profit next year.