After an early spring clean that must have felt more like Hercules' cleaning of the Augean stables, Royal Bank of Scotland (RBS) is catching its breath.
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Changes to its pension scheme contributions have wiped around 16p off its net tangible assets, or about 1 percentage point off its tier one ratio of capital to risk-weighted assets. It has also had to set aside £1.5bn in further provisions for litigation over US mortgage-backed securities and another £500m for payment protection insurance. To top it off, the banking group also swallowed a £498m goodwill impairment for its private bank.