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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/rbs-figures-expected-to-stay-in-red.jpg"><img class="alignnone size-full" title="Royal Bank of Scotland is expected to remain in the red when full-year figures are revealed" src="http://londonglossy.com/wp-content/uploads/2011/02/min-rbs-figures-expected-to-stay-in-red.jpg" alt="Royal Bank of Scotland is expected to remain in the red when full-year figures are revealed"/></a></p>
<p>Royal Bank of Scotland is expected to remain in the red when the part-nationalised player reveals full-year figures on Thursday.</p>
<p>Annual results from RBS will be pored over for clues as to when the Government may start offloading its 83% stake, taken in return for bailout cash at the height of the financial crisis.</p>
<p>Most analysts are pencilling in 2010 losses of £700 million against a £3.6 billion loss in 2009, helped by lower levels of bad debts.</p>
<p>Investec Securities experts believe bad debt improvements helped the bank claw its way out of the red in the fourth quarter, forecasting net attributable profits of £482 million in the final three months.</p>
<p>The bank&#8217;s controversial bonus plans have already been revealed, announced at the time of the Project Merlin deal with Chancellor George Osborne.</p>
<p>Chief executive Stephen Hester has been awarded a £2.04 million bonus, but will only take the handout in shares deferred for three years and will not receive a pay rise this year.</p>
<p>Its investment bankers will share a bonus pool of under £950 million, lower than the £1.3 billion in 2009, and will have upfront cash payments limited to £2,000. With bonus details out of the way, the attention will settle on its figures.</p>
<p>Sharply lower bad debt losses are largely expected to be behind the expected improvement, although RBS is predicted to reveal a hit from the economic woes in Ireland given its exposure through the Ulster Bank subsidiary.</p>
<p>Confirmation of a return to profit in the most recent quarter would reinforce speculation over Government plans to start offloading its shareholding.</p>
<p>RBS shares have also gained ground in recent weeks, thanks to rumours of an early exit from the Government&#8217;s toxic asset protection scheme and news of a 32% surge in profits at rival Barclays. The stock has risen 20% in the past three months to just over 48p &#8211; but this is still below the 50.5p break-even point for the Government.</p>
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