Royal Bank of Scotland, which has refocused its investment banking arm on a strong fixed-income division, today followed other large rates houses in reporting depressed figures for the second quarter amid the absence of further market intervention from the ECB.

Operating profits at RBS's Markets unit fell 70% from their first-quarter level - when the European Central Bank's actions boosted confidence and liquidity in the financial markets - to £251m in the second quarter. This left it 23% below the figure posted in the same period last year.