PM urges RBS to show 'restaint'

Jan 30 2012

David Cameron has urged the Royal Bank of Scotland to show "restraint" in its bonus packages for senior colleagues of chief executive Stephen Hester.

The Prime Minister said the remuneration arrangements put in place by the former Labour government for executives at the part-nationalised bank had to be followed.

But he added: "They have got to have proper regard in terms of restraint when they have had so much money from the taxpayer and they have made so many mistakes in the past."

Mr Cameron's comments come as a number of executives in RBS's investment branch are expected to be offered large payments in the coming weeks.

Under mounting pressure, Mr Hester gave up his offered £963,000 shares package bonus on Sunday.