Hester: RBS "will be ready to sell by 2015"

Huge losses, bonus caps, and too much government interference.

RBS posted a huge loss today - a pre-tax loss of £5.17bn.

Operating profits were in fact up: £3.46bn in 2012, up from £1.82bn the previous year, the highest since its bail-out in 2008 - but charges from 2012's smorgasboard of scandals brought that right down.

The news came just as EU officials agreed to put a cap on bankers bonuses as early as next year - bad news all round for RBS.

Speaking on the Today programme this morning, RBS boss Stephen Hester said that bankers pay "needs to be in line with contribution."

He said: "I don't think bankers should be treated as special creatures."

"The most important thing for business certainty is a level playing field... As we know the financial crisis was a period of excess in many areas...that's what we're cleaning up for now."

The clean-up is not RBS's only problem though. As the government has a large stake in it you get the impression RBS isn't quite sure what its  priorities should be: should it play to the commercial interests of its minority share-holders, or invest in small businesses, as the government is pressing it to do? There seems to be a lack of communication between government and bank, and in the BBC interview today Hester was clearly champing at the bit for a sell-off.

"We are doing everything we can to facilitate a sale", he said. "I think that RBS will be ready to be privatised in the next couple years. It will be ready to sell by 2015".

"Privatisation is coming further into the agenda of the government and we welcome that."

It will be up to the government to decide the date of the sell-off though - likely to be another point of contention between government and bank.

 

RBS posted a huge loss today Photograph: Getty Images

Martha Gill writes the weekly Irrational Animals column. You can follow her on Twitter here: @Martha_Gill.

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A global marketplace: the internet represents exporting’s biggest opportunity

The advent of the internet age has made the whole world a single marketplace. Selling goods online through digital means offers British businesses huge opportunities for international growth. The UK was one of the earliest adopters of online retail platforms, and UK online sales revenues are growing at around 20 per cent each year, not just driving wider economic growth, but promoting the British brand to an enthusiastic audience.

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Taken from the New Statesman roundtable supplement Going Digital, Going Global: How digital skills can help any business trade internationally

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