The Royal Bank of Scotland Group plc (RBS) 2011 Earnings Call February 23, 2012 4:30 am ET Executives Philip R. Hampton - Chairman and Chairman of Nominations Committee Stephen A. M. Hester - Group Chief Executive Officer and Executive Director Richard O’Connor - Head of Investor Relations Analysts Unknown Analyst Manus Costello - Autonomous Research LLP Gary Greenwood - Shore Capital Group Ltd., Research Division Andrew Coombs - Citigroup Inc, Research Division Thomas Rayner - Exane BNP Paribas, Research Division Robert Law - Nomura Securities Co. Ltd., Research Division Edward Firth - Macquarie Research Michael Helsby - BofA Merrill Lynch, Research Division Claire Kane - RBC Capital Markets, LLC, Research Division Bruce Packard Arturo de Frias Marques - Grupo Santander, Research Division PresentationPhilip R. Hampton
Right. Well, let's start. And good morning, ladies and gentlemen. Welcome to our full year results. I think the results overall showed good progress, with our Core businesses making around GBP 6 billion profits. But, of course, we're still dealing with the big challenges from the financial excesses of a few years ago that come up in our Non-Core division. And this year, we've got some very big charges with Greece PPI and others, which are largely, though not universally legacy-type problems. Step by step, I think it's clear that this bank, this business is being fixed. I'll say one more thing, and then I'll hand over to Steven to explain how it's being fixed. The other thing I'd like to say or really rather reemphasize is that, of course, we are a very odd business in ownership terms, once listed on the stock market, but majority owned by the U.K. government. And of course, there are representatives of UKFI with their commercial arm's length relationship.