Massive £300m hit for RBS reported

Part-nationalised Royal Bank of Scotland (RBS) is to rack up more losses amid reports it will take a £300 million hit following its IT meltdown and its role in two mis-selling scandals.

The bank, which is 82% owned by the Government, will put aside some £125 million for compensating RBS, NatWest and Ulster Bank customers, some of whom were locked out of their accounts for weeks by the IT failure, according to Sky News.