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RBS announces £5bn pre-tax losses

28 February 2013 Last updated at 15:14 GMT

Royal Bank of Scotland has reported its fifth annual loss since it was rescued by the taxpayer.

The company says it has had a chastening year and has had to put right mistakes of the past, with some losses relating to the Libor rate-rigging scandal and the mis-selling of payment protection insurance.

The bank, which is 82% owned by the taxpayer, has not made a profit since the height of the financial crisis in 2008.

BBC Scotland's business correspondent David Henderson reports.