RBS shares slide as losses continue

Royal Bank of Scotland (RBS) has reported a loss of £1.98bn for 2015, its eighth year of annual losses. 

 

RBS shares fell to a three-year low on the news, and remain well below the price the government paid for an 84% stake to save the bank in 2008.

The bank, which came close to collapse at the height of the financial crisis, is still setting aside billions to cover past mistakes and fines. 

Final stake sale raises £591m - Royal Mail.

The money was raised from selling a 13% stake in the business, while a 1% stake was awarded to Royal Mail workers.

The sale means the government has received a total of £3.3bn from the Royal Mail privatisation.

The privatisation of Royal Mail began in December 2013, but it was criticised after the shares almost doubled from their initial price of 330p. 

 

Last year, a report commissioned by the then Business Secretary, Vince Cable, found that the government made £180m less from the initial sale than it could have.