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RBS cannot pay back public money – for the 5th year in the row

RBS have made a pre-tax loss of £5.2bn in 2012, and have caused public controversy by still spending £607m on staff bonuses. Despite making a trading profit of £3.5m, liabilities set aside to cover PPI mis-selling, the mis-selling of interest rates and it’s Libor fine have left the company drained. 

Sir Philip Hampton, chairman of the part public-owned bank described the bonus situation as ‘toxic for everybody’ when asked why RBS can afford to pay bonuses to its staff but not what the public spent in bailing it out.

 

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