Losses cut but RBS remains in red

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Royal Bank of Scotland revealed sharply reduced losses of 1.1 billion pounds against 3.6 billion pounds a year earlier

Part-nationalised Royal Bank of Scotland has said it remained in the red last year, but revealed sharply reduced losses of £1.1 billion against £3.6 billion 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 £12 million in profits.

Its improvement came despite a rise in bad debt charges in the fourth quarter as it took a hit in its Ulster Bank subsidiary from the Irish economic woes.

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