Outgoing RBS boss Stephen Hester: taxpayer won't recoup bail-out money for another decade
Hester says he's 'comfortable' with his departure, announced for later this year
The taxpayer might not recoup the £45 billion spent bailing out the Royal Bank of Scotland for another decade, according to the bank's outgoing boss.
Stephen Hester, whose departure later this year from the 81% state-owned bank was announced earlier this month, said privatising RBS was a long-term project.
Of the £45 billion figure, Mr Hester told the Sunday Telegraph: "There has never been a privatisation that raises that much in one go. So it is most likely that it would be, if you do it conventionally, four or five goes over 10 years.
Mr Hester said he did not feel any anger about his impending departure, which when it was announced he called "a board decision, not mine."
He added: "Part of me did want to see the job fully through, did want the champagne and roses of a successful privatisation.
"Another part of me thought goodness me, this job drives me nuts from time to time and how long do I want to do it for?
"I genuinely mean that I am comfortable with what has happened. I think RBS is in much better shape than we had any right to think it could be."
Meanwhile, it has been reported that Mr Hester could walk away from RBS having received as much as £14 million from the bank he joined in 2008 when it was on the brink of collapse.
The Sunday Times said that adding his salary, bonuses and up to £4 million in share payments he could still receive, the banker's pay package would average about £2.8 million a year.
However, he could have earned up to £40 million under the package agreed when he was hired in 2008, while he is paid less than any other boss of a large British bank.
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
£30000 - £38500 Per Annum + 25 days holiday, pension, subsidised restaurant: C...
£21000 - £35000 per annum: Randstad Education Cambridge: Supply teachers requi...
£120 - £162 per day: Randstad Education Hull: Secondary English Teacher - requ...
£120 - £162 per day: Randstad Education Hull: Calling all science teachers! Ra...