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PPI Claim News - 8/2/2010

PPI: Bank facing £7bn debts to begin bonus payouts

Despite facing an estimated £7 billion of debt, the Royal Bank of Scotland (RBS) is expected to pay out billions in bonuses.

The 84 per cent taxpayer owned bank could hand out up to £1.3 billion to its investment bankers, while £14 billion in bad debts face crippling the bank, the Sunday Times has reported.

RBS has so far failed to comment on the claims. However, chief executive Stephen Hester has vowed it will pay its bankers "the minimum we can get away with".

Taxpayers funded a public bailout of RBS after the bank plunged billions of pounds into the red in 2008. The nationalisation was supposed to ensure the government had greater controls over the bank's operations.

The latest revelations come as ministers across the world continue to propose strict reforms of the banking system, following the economic crisis.

Chancellor Alistair Darling recently announced a 50 per cent supertax on bonuses of over £25,000, while US President Obama has pledged to put an end to "excessive" banking bonuses.

If you would like to get your payment protection insurance back - PPI Claim from RBS then fill out the Quick Claim form or call Belmont Thornton on 0845 526 0000 for PPI claim advice.ADNFCR-2776-ID-19601825-ADNFCR

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