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 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
£15000 - £25000 per annum: Recruitment Genius: To support their continued grow...
£22000 - £25000 per annum: Recruitment Genius: They are the go-to company for ...
Negotiable: Recruitment Genius: This is an opportunity to join the UK's leadin...
Negotiable: Recruitment Genius: This caravan dealership are currently recruiti...