Royal Bank of Scotland has racked up £50billion in losses since it was bailed out by taxpayers and warned last night that it faces another ‘tough year’. The state-backed giant reached the milestone yesterday as it lurched to a £446million loss for the first three months of the year. It comes after RBS was forced to put aside £856million to cover lawsuits and fines still being decided, including an extra £334million for its part in rigging the foreign exchange market with other banks. Down: RBS reposted a £446million loss in the first three months of the year . In addition to fines in the US, the latest bill includes provision for compensating customers mis-sold payment protection insurance and fee-paying packaged accounts in the UK. RBS was also hit with a £453million restructuring charge, mainly due to a slump in the value of premises in the US. The loss is a blow to taxpayers, who own 80 per cent of the bank, and comes at an awkward time for Chancellor George Osborne, six days before the General Election. A return to profit for both RBS and state-backed Lloyds would have boosted his claims to have fixed the banks bailed out by taxpayers under the Labour government in 2008. Lloyds has returned to profit and is gradually being sold off to the private sector, but the losses at RBS suggest taxpayers are a long way from recouping some of the £46billion bailout that saved the bank from collapse during the financial crisis. Disgraced former RBS boss  Fred Goodwin (pictured) was among those courted by former prime minister Tony Blair. Mr Goodwin was knighted for ‘services to banking’ in 2004 but was stripped of his title in 2012 . Chief executive Ross McEwan said: ‘This is going to be another tough year. There are still many conduct and litigation hurdles looming on the horizon. We look forward to the day we can focus entirely on the future rather than dealing with legacy issues.’ The latest news wiped more than £700million off the value of RBS as shares fell more than 3 per cent to 338.5p. The Tories have blamed the last Labour government for failing to keep the banks in check during its 13 years in power. The disgraced former boss of RBS, Fred Goodwin, was among those courted by former prime ministers Tony Blair and Gordon Brown. Mr Goodwin – nicknamed Fred the Shred for his ruthless cost-cutting – was even knighted for ‘services to banking’ in 2004. He was stripped of his title in 2012. Jonathan Isaby, of the TaxPayers’ Alliance, said: ‘These losses are enormous and will unnerve taxpayers desperate to get rid of the liabilities for the troubled bank. ‘It’s clear that the banks were badly regulated and took extremely risky decisions that left taxpayers with extraordinary burdens, so it remains crucial that RBS gets back in the black as soon as is practically possible.’
RBS has racked up £50billion in losses since it was bailed out by taxpayers.
State-back giant warned that it faces 'another tough year' to come.
Lurched to a £446million loss for the first three months of the year.