RBS set for £1.7bn UK record bank loss

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Analysts predict that RBS will take another £6 billion hit from the credit crunch, driving its first-half loss for the year to as much as £1.7 billion.

That would be as much as five times the amount Barclays lost in 1992 at the height of the last recession which was the previous record.

RBS reports its first-half numbers on Friday and chairman Sir Tom McKillop, alongside Goodwin, is expected to face increased scrutiny when they meet top investors of the following week.

The RBS board has already been heavilycriticised for its role in the Euro 71 billion consortium takeover of Dutch bank ABN Amro and the subsequent £12 billion rights issue.

Analysts say that much of this week's writedowns will come as a result of the ABN deal. Barclays, which reports on Thursday, is expected to see a 35% drop in first-half profits to around £2.6 billion as tougher economic conditions in the UK combine with global credit crunch pressures.

It is forecast to add a further £3 billion of writedowns to the £1.7 billion which it revealed for the first three months of the year.