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PPI Charges: RBS posts net loss of £2bn

Payment Protection Insurance (PPI) claims and the Greek debt crisis have resulted in the Royal Bank of Scotland (RBS) posting a net loss of £2 billion in its 2011 full-year results.

Its pre-tax loss was £776 million and it set aside £850 million for PPI compensation.

RBS chairman Sir Phillip Hampton explained the board of directors at the bank believes running the firm on a commercial basis is the "best way" to make it more valuable and safer for the public.

If the company's aim is to give parliament the opportunity to offload its shares in the public market within a "reasonable alternative", he said he does not think there is a "workable alternative" to this strategy.

Currently, private investors hold 18 per cent of RBS shares but with "all being well", they will own most of the firm's equity capital in the future, he added.

Earlier this month, Mr Hampton and chief executive of the company Stephen Hester waived their bonuses in light of the public mood.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801300531-ADNFCR



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