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| Version 0 | Version 1 |
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| RBS reports record corporate loss | RBS reports record corporate loss |
| (10 minutes later) | |
| Royal Bank of Scotland (RBS) has announced the largest annual loss in UK corporate history. | Royal Bank of Scotland (RBS) has announced the largest annual loss in UK corporate history. |
| RBS, which had to be bailed out by the government last year, said that its 2008 loss totalled £24.1bn. | RBS, which had to be bailed out by the government last year, said that its 2008 loss totalled £24.1bn. |
| It also said it would put £325bn of toxic assets into a scheme that offers insurance for any future losses. | It also said it would put £325bn of toxic assets into a scheme that offers insurance for any future losses. |
| The Asset Protection Scheme, backed by tax payers, aims to strengthen bank balance sheets and encourage banks to lend more to firms and individuals. | The Asset Protection Scheme, backed by tax payers, aims to strengthen bank balance sheets and encourage banks to lend more to firms and individuals. |
| Chairman Philip Hampton blamed the massive loss on the "unprecedented turbulence" in financial markets and deteriorating conditions around the world. | |
| "We owe our continued independence to the UK government and taxpayers and are very thankful for their support," he said. | |
| He warned that 2009 would be another tough year. |