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  Keith - the losses are not subsidised by the taxpayer, there is not an ongoing revenue commitment involved. Losses merely put off the point at which RBS gets re-privatised. What is important is the restructuring that the current management has been putting into place to bring the group into profit and in that they have been doing a good job. That very restructuring can in itself create losses before the business can move forward and, as Peter pointed out, there are a lot of legacy liabilities from the old team such as PPI insurance misselling that need to be got out of the way.

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