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RBS "mess" stills needs clearing up says CEO

Monday, February 11, 2013 - 02:17

Feb. 11 - Royal Bank of Scotland Chief Executive Stephen Hester gives evidence to a UK parliamentary banking committee. Rough Cut (no reporter narration).

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(ROUGH CUT - no reporter narration) Hester said the bank still had a "mess to clear up". Earlier RBS chairman Philip Hampton defended bonuses due to be paid to Hester despite the British bank being punished for rigging interest rates. While RBS, 82-percent owned by the taxpayer, has faced criticism over a deferred bonus of 780,000 pounds ($1.2 million) Hester is set to receive in March, Hampton told lawmakers that Hester's pay was modest by the industry's standards. Hester receives a basic salary of 1.2 million pounds. While he chose to give up his bonus last year after a computer systems meltdown affected millions of customers, he was set to receive the share-based payment deferred from three years ago. Some lawmakers have said Hester should not accept the payment after RBS was fined $612 million by British and U.S. authorities last week for its role in a global interest rate-rigging scandal.

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RBS "mess" stills needs clearing up says CEO

Monday, February 11, 2013 - 02:17