Page last updated at 06:44 GMT, Thursday, 25 February 2010

Royal Bank of Scotland announces massive losses

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Royal Bank of Scotland (RBS) has announced losses for 2009 of £3.6bn ($5.5bn), after struggling with billions of pounds of bad loans.

Despite the losses, the bank is set to announce it will pay bonuses totalling £1.3bn to its staff.

The UK taxpayer owns 84% of RBS after the government bailed out the bank at the end of 2008.

Hugh Pym reports.

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