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RBS executives defend pay

RBS executives defend pay

The Royal Bank of Scotland's (RBS) senior management has defended their pay packages ahead of the publication of the bank's bonus pool for 2012.

Talking before the Parliamentary Commission on Banking Standards, Sir Philip Hampton, RBS’s Chairman, insisted that Stephen Hester, RBS’s Group Chief Executive, was "one of the least well paid" in comparison to other senior banking executives.

Mr Hester defended his own performance, saying: “We have done huge things to rescue the bank for society and for its stakeholders and reduced the risk the bank has been exposed to. It is entirely appropriate we should be judged on what we have done. There was never any prospect we could have found and fixed everything immediately.”

Conservative Andrew Tyrie, the Committee's Chair, criticised the response from Sir Philip and Mr Hester. He said that the commission “were not given sufficient confidence today that the arrangement for funding the fines from bonuses will do what it says on the tin."

"This must be more than an exercise in creative accounting. It would be all too easy to artificially adjust a bonus pool, the size of which is yet to be decided", he insisted.

Earlier today, the Guardian had reported that Sir Philip had said that the RBS's £390m Libor-rigging fine could have an impact on chief executive Stephen Hester's bonus.

Sir Philip told the paper that a decision on Mr Hester's bonus would be made "at the end of the year and will take into account all the relevant factors".

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