Losses cut but RBS remains in red

Part-nationalised Royal Bank of Scotland said today that it remained in the red last year, but revealed sharply reduced losses of £1.1bn (€1.29bn) against £3.6bn (€4.2bn) a year earlier.

The group, which is 83% owned by the Government, said it returned to the black in the final three months of the year, with £12m (€14.1m) in profits.