Stephen Hester if RBS: 'I don't believe in paying for failure'

The Royal Bank of Scotland has reported its fourth year of losses since the bank's bailout in 2008.

The bank posted an attributable loss of £2bn in 2011, up from a loss of £1.1bn in 2010.

Last month chief executive Stephen Hester turned down his bonus of nearly £1m following political pressure.

He told the BBC's Robert Peston that he does not believe in rewarding failure. He also said it is the job of RBS to get "good value" for the tax payer.