RBS 'should be bonuses back-marker'

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The Royal Bank of Scotland should be a 'back-marker and not a market leader' when it comes to bonuses, Michael Moore said

The Royal Bank of Scotland should be a “back-marker and not a market leader” when it comes to handing out bonuses, the Scottish Secretary said.

Michael Moore told MPs bankers should have to make “adjustments” with other members of the public as the country comes of out recession.

He said: “As the predominant shareholder in RBS, the Government expects the bank to be a back-marker and not a market leader on bonuses.

“People across the country are having to make adjustments as we come out of recession and repair our public finances. Everyone expects bankers to be part of this process.”

Mr Moore’s comments came after a question from Labour’s Anas Sarwar, who represents Glasgow Central, about bankers at RBS receiving large bonuses.

Mr Sarwar added: “Given the FSA report found that there were 1.1 million complaints by RBS customers in one year and more than 50% of those were shown to have been dealt with inappropriately, do you think it’s appropriate for RBS executives to receive large bonuses this year and if not what are you going to do to deal with it?”

Mr Moore said the agreement to pay bonuses at market rates was agreed with the Labour Government when it took control of RBS during the banking crisis. It currently owns 70% of the bank.

The Secretary of State added: “We want to see bonuses lower this year than last year, that’s absolutely clear cut.”

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