Bank Boss Bites Back

Stephen Hester

Royal Bank of Scotland CEO Stephen Hester wasn't prepared to take it on the chin Wednesday, when he appeared before the UK Public Accounts Select Committee.

Here's what he had to say:

On lending targets

Hester was generally in favour, 'subject to demand and creditworthiness'.

On profiteering on business customer bank charges

Hester acknowledged that fees had risen, but said that the 'average cost for small and medium enterprises was among the lowest in decades'.

On whether he agreed with The Bank of England that the value of taxpayer support to UK banks was in the region of £100bn

'No, I do not acccept the Bank of England (figure). Hester said that the figure was 'impossible to quantify'.

On his £7.7m 2010 pay deal

Hester said that it was 'at the low end of comparable jobs in the UK and globally, albeit at the high end of society'. He also reminded the Committee that 'no one is forced to employ me'.

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