What could be worse than reporting group losses of £1.4bn just before the onset of a market crisis? Reporting losses of £1.4bn plus a plan to pay at least £3.2bn extra to your pension fund over the next seven years. Still, at least it's the good old UK taxpayer footing most of the bill.

RBS's results today didn't make pretty reading for shareholders, particularly for the UK taxpayer, who owns 83% of the group's stock. The bank reported a £733m writedown on Greek government bonds in the second quarter, and an £850m provision in the first to reimburse customers sold faulty insurance on mortgages and loans.