Bumper bonuses despite RBS losses

Feb 25 2010

Part-nationalised lender Royal Bank of Scotland, which has confirmed plans to pay bonuses of £1.3 billion to its investment bankers, posted a £3.6 billion loss for last year.

The bank, which is 84% taxpayer owned, said the attributable deficit compared with a record £24.3 billion shortfall in 2008.

RBS has faced criticism for its controversial reward plans, but said its remuneration pot would result in it paying a £208 million bonus tax to the Government.

Chief executive Stephen Hester said the bank had "exceeded all the principal milestones" set for the first year of its turnaround plan.

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