Crockart Slams New RBS Bonuses

25 February 2010

Prospective Liberal Democrat candidate for Edinburgh West Mike Crockart has today expressed his dismay at the announcement that RBS will be rewarding a £1.7 billion bonus bonanza to its investment bankers.

RBS, which is 84% owned by the taxpayer after the treasury pumped in over £55 billion, made a pre-tax loss of £3.6 billion for the financial year. This comes on the back of a £25 billion loss last year, which was the biggest in UK history.

The £1.7 billion bonus figure will be divided into two separate categories. £1.3 billion will be going solely to the high flying investment bankers. The remaining £400 million will be divided up amongst the rest of the banks staff amongst all of its other operation.

The bonus scheme was approved yesterday by United Kingdom Financial Investments (UKFI), the government corporation which looks after all of the taxpayer owned shares in RBS and Lloyds Banking Group. UKFI is owned solely by the treasury.

Mike Crockart said:

”Taxpayers across Britain will be shocked that their generous investment into the banks is continuing to go to pay unimaginable bonuses to investment bankers.”

“What is even more shocking is the disparity in how RBS seems to treat its staff in the core banking areas compared to their investment bankers.”


“With people across the country still having to tighten their belts, investment bankers are living on another planet if they think they deserve millions in bonuses.”

“If Gordon Brown and Labour really cared about the average hard working person on the street they would prevent RBS from paying out these excessive bonuses that reward the risk-taking which put us in this financial mess in the first place.”

ENDS