RBS bonus pot revealed

RBS building

Royal Bank of Scotland is to pay approximately $918m in bonuses for 2013 after securing the agreement of the UK Treasury agency that is its biggest shareholder.

Sky News reports that they have learnt that the taxpayer-backed bank will disclose the sum - which is higher than previous reports had suggested - alongside its annual results on Thursday.

The bonus pot for 2013 is certain to reignite a row over pay at RBS because it will also announce a loss for the year estimated at £8bn ($13.35bn), the biggest since its bail-out by the Government in 2008.

UK Financial Investments (UKFI), the body which manages taxpayers' stake in the bank, is understood to have signed off on the payments in recent days.

The sum of around £550m ($918m) will represent a fall on the 2012 bonus pot of £679m ($1.13bn) of just under 20%, which Chancellor George Osborne is expected to cite as evidence that RBS is exhibiting restraint on bonus payments.

Last year's figure was further reduced by $120.1m to $1.01bn because of the clawback of previous years' deferred bonuses, undertaken as a consequence of RBS's $651m fine for its role in the Libor-rigging scandal.

To access the complete Sky News article hit the link below:

RBS Reaches Deal to Award £550m Bonus Pot

Co-op Plans Hit 6,500 staff with uncertainty

image: © Mark Ramsey

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