Market meltdown: RBS shares suspended as panic continues

5th August 2011

Shares fell 14 per cent slashing around £2bn off the bank's value.

The bank, which is around 80 per cent state owned, revealed a £794m loss, with a £733m write-off for Greek exposure and a £850m provision for missold payment protection insurance.

As the newspaper reports, parts of the business that would ordinarily deliver big profits, did not partly due to the economic slowdown.

RBS's investment banking division suffered the most dramatic slowdown in business with revenues falling 18pc to £3.9bn as the unit was hit by impact of the collapse in trading activity caused by investor fears over the outcome of the sovereign debt crisis.

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