RBS confirms £24.1bn loss

Royal Bank of Scotland came a step closer to full-scale nationalisation today as the bank unveiled a record £24.1bn (€26.8bn) loss and plans to raise up to £25.5bn (€28.4bn) from the British taxpayer.

The firm - already 70% state-owned - is raising the extra funds to strengthen its balance sheet and insure around £325bn (€362.9bn) in toxic debts.