RBS posts massive first-half loss

Royal Bank of Scotland has reported a £2.04bn (€2.42bn) loss for the first half of the year after taking into account £1.3bn (€1.54bn) worth of PPI and other legal costs.

The British state-backed lender has put aside £450m (€534m) to cover payment protection insurance (PPI) claims after the Financial Conduct Authority extended the deadline to 2019 earlier this week.