RBS bad debt losses triple to £1.5bn

Royal Bank of Scotland has reported third quarter losses of £1.5bn following a near tripling of its bad debts write-offs.

Taxpayers now own 84% of the bank following an additional state hand-out of £33.5bn this week, the largest bailout of any bank in the world. RBS says operating losses had improved from second quarter reports of £3.5bn. Today's report sees a decline in the bank's fortunes of nearly 60% on the £2.3bn profit reported in the third quarter of 2008. RBS says its impairment charges leapt from £1.28bn to £3.3bn, with a rise in write-offs on bad loans to £10.8bn from £2.7bn for the nine months of this year, compared to the same period in 2008. RBS also announces 3,700 more job cuts this ...