THE Royal Bank of Scotland (RBS) is 84 per cent owned by the UK taxpayers, having been bailed out after making huge losses due to high-risk deals by stupid members of staff.
The directors of RBS now want to pay staff bonuses of £1.5 billion because they claim a profit of £6.5 billion, and that they have to do this to keep "good" staff.
The Government have said no to this action, and they are correct in so doing. The general public of the UK sees these bonuses as unreal, unfair and obscene, and their views, as bank owners, must be taken note of.
RBS will, hopefully, be sold when it is seen to be making long-term profits over a lengthy timescale. We as taxpayers do not have to see our money paid back quickly and recklessly. The directors of RBS have apparently threatened to resign if not allowed to implement these massive bonus payments.
Our Government must call their bluff, and, if necessary, let them all resign. The UK public wants nothing less.
This is a battle that the UK Government cannot “afford” to lose David Quarrie, Lynden Way, Acomb, York.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here