RBS behaviour 'totally unacceptable': George Osborne insists taxpayer will not pick up bill for wrongdoing
Wednesday 06 February 2013
George Osborne condemned “totally unacceptable” behaviour at Royal Bank of Scotland today after it was fined £391 million for rate-rigging.
The Chancellor insisted the taxpayer would not pick up the bill for wrongdoing after the majority state-owned bank reached a settlement with UK and US regulators over Libor manipulation.
RBS will recoup around £300 million from its staff bonus pool and by clawing back previous awards, while investment banking boss John Hourican will step down, forfeiting his 2012 bonus and long-term incentive shares.
Speaking at a press conference this afternoon, Mr Osborne said: "What happened at RBS and other banks is totally unacceptable. At my insistence the banks not the taxpayers will pick up the bill...
"Those responsible will face the full force of the law."
Mr Osborne said it was "right" that the RBS management had taken action.
He also said the money from the fines would go to people who had showed the "best of British values", including those who had fought for the country.
Jennifer Lawrence attacks mass media again over body image
scienceScientists find the answer to a question that even puzzled Darwin
A very timely Great Train Robbery and a frantic 24 Hours in A&E among the highlights
arts + entsThe 'Friends' actor on his new role as campaigner on addiction issues
Sun will 'flip upside down' within weeks, says Nasa
Colin Farrell reveals ‘affair’ with Elizabeth Taylor: 'She was my last romantic relationship'
Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
Peter O'Toole: Tales of the late film icon
Exclusive: Young people ‘want UK to stay in Europe’: Four in 10 adults aged 18 to 24 are ‘firmly in favour’ of membership, poll shows
Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
You can STILL be jailed for being a republican, government confirms, and it remains illegal to even 'imagine' overthrowing the Queen
Kiss and yell: Italian protester charged with sexual assault after kissing riot police officer
Fighting back: the woman giving a voice (and 49,999 others) to the victims of sexism - by giving an airing to their horror stories
PM denies two child limit for benefits is part of Tory welfare policy
- 1 Facebook 'self-censorship': study records when you don't post to find more ways to share
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 4 Vitamin pills are a waste of money, offer no health benefits and could be harmful - study
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
£25000 - £28000 Per Annum: Clearwater People Solutions Ltd: Email Campaign Exe...
£100 - £125 per day + Negotiable on role: Randstad Education London: Are you f...
£21000 - £30000 per annum: Randstad Education Leeds: A full time teacher job a...
£125 - £135 per day + Long Term Roles are negotiable: Randstad Education Londo...