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.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Excellent Salary : Austen Lloyd: OXFORD - REGIONAL FIRM - An excellent opportu...
Super Package: Austen Lloyd: BRISTOL - SENIOR CLINICAL NEGLIGENCE - An outstan...
£15000 - £50000 per annum: Recruitment Genius: Fantastic opportunities are ava...
Negotiable: Recruitment Genius: A Compute Engineer is required to join a globa...