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Bank clean-up has cost £38bn so far, says RBS chief

Leader of the Royal Bank of Scotland (RBS) Stephen Hester has revealed the astronomical costs involved in turning the stricken bank's fortunes around.

He stated that £38 billion has already been spent on efforts to clean up the institution and this figure is likely to rise even further.

Mr Hester announced in a letter to the bank's staff that losses accrued through failed loans accounted for the bulk of the huge costs.

The letter also noted that RBS is still in the loss-making stage, although Mr Hester insisted that it was ahead of schedule in its clean-up process.

"In fact we have been able to spend money and accelerate it as the outside environment got worse. RBS is a much safer company as a result," he declared.

Mr Hester recently turned down a bonus payment that would have been the equivalent of nearly £1 million, after he was put under immense pressure by the Labour Party and campaign groups, who were angry that the state-owned bank was considering handing out such huge perks.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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