RBS in February 2010 shares were worth around 34.50 pence per share
RBS in February 2011 shares are worth 45.65 pence per share
At their lowest in January 2009 the share price was 10.9 pence per share. So basically for every £1,000,000 HM Treasury bought into RBS with in 2009 they would now get back £4,188,073 back (300% profit on investment in two years. And that is BAD???)

I would say that the trend is headed in the right direction.

On losses:

2008 - £24,300,000,000,000
2010 - £1,100,000,000,000

The forecast is that the Bank will return to profit this year, so again it is headed in the right direction. I would say that having worked that loss down to the extent that he has done and refused bonuses for the past two years and reduced bonuses paid by 27% then yes the head of the RBS does deserve his bonus. After all it was not his fault that the Bank ended up where it did, he came into to run things AFTER the crash.

By 2013 RBS MUST sell its insurance operations Direct Line and Churchill because of EU Regulations, this is expected to raise a great deal, again to the benefit of the Treasury who actually own 83% of the Bank (The "tax payer" does not).