The Royal Bank of Scotland has reported a half-year loss of £794m driven by losses on Greek government bonds.

Chief executive Stephen Hester told Evan Davis that restructuring at the bank was "going well", profitability in core business areas is up, but global economic "headwinds" have hit profits.

Reflecting on reports that strict retail bank ring-fencing would be brought in, he said such a move would be "the wrong reform at the wrong time".

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