The boss of taxpayer-backed Royal Bank of Scotland today said it is nearing the point of becoming a recovered bank and should have largely completed its restructuring by next year.

START-UP costs totalling $15.3 million (€10.64m) for aviation financier Domhnall Slattery’s Avolon Aerospace Leasing group contributed to the group recording a loss of $35m (€24.3m) in its first year, new figures show.