RBS loses $34 billion, agrees deal to insure assets

The Royal Bank of Scotland said Thursday that the U.K. government has agreed to insure 325 billion pounds ($462 billion) of its assets as the bank unveiled a 24.1 billion pound net loss for 2008 -- the biggest ever by a British company.


The 2008 loss follows a net profit of 7.3 billion pounds for 2007, but is still significantly less than the 28 billion pounds that RBS warned it could lose in January