RBS and the scale of the debt

A must hear interview with Stephen Hester on Radio 4 this morning. He put in a great performance describing today’s results announcement. It looks like RBS’ new favourite phrase is:

[The balance sheet..] is the largest time bomb ever assembled in history. 

but the best factoid mustered by the PR team, that will have woken everyone from their breakfast slumber this morning was:

We have reduced the liabilities on the balance sheet by £700 bn. That’s twice the entire debt of Greece.

One company, of humble Scottish roots.