UK Politics

Liberal Democratic Party: RBS bosses on another planet over bonuses says Carmichael

Press Release   •   Feb 03, 2010 10:04 GMT

"The argument that RBS needs to throw vast sums of money at its top bankers to keep them in their jobs is entirely unconvincing," said the Liberal Democrat Shadow Scotland Secretary.

Commenting on reports that RBS is to allow its senior bankers to convert a large proportion of their payments into cash, Alistair Carmichael said:

“This will look very much like simply paying bonuses in cash to any normal person. If it looks like a duck, walks like a duck and quacks like a duck, it is a bonus. Today’s RBS proposals look like big bonuses and will be seen as big bonuses by the taxpayers who helped the banks. 

“With countries around the world taking action on bonuses, the argument that RBS needs to throw vast sums of money at its top bankers to keep them in their jobs is entirely unconvincing.

“Stephen Hester should remember that RBS is effectively a state-owned bank backed by taxpayers, millions of whom have lost their jobs or seen their pay frozen.

“RBS bosses must be living on another planet if they think the public will stand for this.”