RBS bonus pool should be used to get bank into shape and repay taxpayers

Commenting on the £576m bonus pot and £8.2bn losses announced today (Thursday) by the Royal Bank of Scotland (RBS), TUC General Secretary Frances O’Grady said:

“There would be no RBS had it not been bailed out to the tune of billions by taxpayers. Ordinary people will be wondering how on earth a bank which has made such huge losses for six consecutive years can find a penny in bonuses for its top bankers, let alone the hundreds of millions announced today.

“The multi-million bonus pool at RBS would be better spent getting the bank back into good shape and repaying taxpayers, rather than on boosting the already inflated bank accounts of its senior staff.

“Hard-pressed families will understandably feel anger and resentment at yet another display of excess in the city, especially as so many of them are still struggling to make ends meet.”

NOTES TO EDITORS:

- The TUC is organising Fair Pay Fortnight from Monday 24 March to Sunday 6 April. It will be a series of events across England and Wales to raise awareness about falling living standards. www.fairpayfortnight.org  

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

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