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Bank claim: RBS say shareholders back pay package

The Royal Bank of Scotland (RBS) claims that 99 per cent of its shareholders support its renumeration report, despite rumours that there is discontent over its bonus pot.

It said that they voted in favour of this at RBS's annual general meeting in Edinburgh.

Last year, the bank paid out £607 million in staff bonuses, in spite of the fact that it had made a loss £5.2 billion in the same time period.

Additionally, this was during a time when the bank was caught up in both the Libor fixing scandal and the payment protection insurance (PPI) mis-selling controversy.

RBS has had to set aside large provisions to pay for consumer claims against mis-sold PPI.

It was also fined £390 million by US regulators and the now defunct Financial Services Authority for fixing the Libor rate.

Having had to pay large sums of money for its failures, RBS described 2012 as a 'chastening' year.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801587080-ADNFCR

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