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Bank claim: RBS defends bonus pay

Chairman Philip Hampton for the Royal Bank of Scotland (RBS) has defended the bonus due for the bank’s chief executive Stephen Hester, Reuters reported.

Sir Hampton said that by industry standards Mr Hester’s pay was modest. Mr Hester’s basic salary is £1.2 million and he is due to receive a bonus of £780,000, which has been deferred until March.

MPs said that Mr Hester should not take the bonus as only last week US regulators found RBS guilty of Libor rigging and fined the bank accordingly.

Following the £390 million fine incurred for Libor rigging, RBS was told by chancellor George Osbourne that the bank should pay for it out of the bank’s bonus pool. As over 80 per cent of the bank is owned by the government after it had to be bailed out during the financial crisis it was expected that taxpayers would have to cover the fine, which Mr Osbourne said they should not be expected to do.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801538915-ADNFCR

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