TheBusinessDesk.tv: RBS chief executive Stephen Hester

[VIDEO: 583]

ROYAL Bank of Scotland has revealed an interim loss of £1.5bn and has 
set aside £125m to pay compensation to customers affected by its recent IT glitch.

Account holders at RBS and its NatWest and Ulster Bank subsidiaries faced disruption for up to two weeks in June after a failed software upgrade.

RBS released the compensation figure as it reported a half-year loss of £1.5bn, compared with £794m in H1 2011. revenues for the six months to 30 June fell 8% to £13.2bn.

During the half-year, RBS was hit by an accounting charge of £3bn after it had to change the valuation of its debt.