Apr 22: Giant rights issue for RBS

The Royal Bank of Scotland has unveiled a £12bn rights issue - Europe's largest ever - and the sale of some of its businesses. It has also revealed a further £5.9bn of writedowns related to subprime and and other poorly performing loans and assets. FT banking editor Peter Thal Larsen analyses what this means for RBS, its chief executive and board, and for the rest of the sector.