RBS records £24bn loss - largest ever in UK corporate history

RBS, one of the banks that were bailed out by the government in a £37bn scheme, also announced that it would put £325bn of toxic assets into the governments Asset Protection Scheme that offers insurance against any further losses.

The government will inject an extra £13bn into the bank with options for another £6bn if needed - on top of the £20bn that was lent to the bank in the original government bail-out.

Small business owners will hope that the extra govenrment money injected into the financial institution will encourage the bank to increase the level of its lending. 

The bank is also attracting controversy as details of former chief exec Sir Fred Goodwin's pension scheme has been announced. Mr Goodwin picked up a £8m pension top-up after being sacked by the bank, which equates to him drawing a pension for life of £650,000 a year. RBS has announced that it is taking legal advice regarding the terms of their former boss's contract.