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Latest Royal Bank of Scotland Group Stories

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2009-02-18 13:02:58

The British government has sharply curtailed the bonus system at the Royal Bank of Scotland, British Prime Minister Gordon Brown said. In an article published in The Times of London, Brown wrote that the government won't pay for one-way bets. Although RBS -- now 70 percent controlled by the government -- planned on paying $1.42 billion in cash bonuses this year, the Treasury has reduced that sum to $248.79 million, The Times said. A year ago, the bank handed out $3.55 billion in bonus pay....

2009-02-11 09:03:00

LONDON, February 11 /PRNewswire/ -- VocaLink, the payment transaction specialist, announced today that it has successfully completed a first SEPA Direct Debit (SDD) pilot with participation from ABN, BAWAG P.S.K., The Royal Bank of Scotland Group plc and a number of their corporate customers. With less than two hundred working days until the SDD go-live date of 1 November 2009, banks are under pressure to fully comply with both SDD and PSD regulations, often requiring heavy...

2009-02-10 11:58:15

Former bank executives told a British House of Commons committee that bonus pay for bankers contributed to the financial crisis and warranted a review. The bonus system has proved to be wrong. Substantial cash bonuses do not reward the right kind of behavior, said Andy Hornby, former chief executive officer at HBOS, the BBC reported Tuesday. Hornby told the Commons' Treasury Committee he had never received a single penny in cash bonus but had lost considerably more money than I have been paid...

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2009-02-08 10:25:00

The Royal Bank of Scotland wants to pay close to $1.5 billion in bonuses to its staff, just months after being rescued by a taxpayer bailout, sources say. The Sunday Telegraph, quoting unnamed sources, said the bank's board has begun discussions with U.K. Financial Investments, the body set up by the British government to manage its shareholdings in ailing banks, about paying out the bonuses. RBS received nearly $30 billion taxpayer funds to bail it out late last year. It now risks increasing...

2009-02-05 20:21:31

Labor and government officials are complaining about double bonuses paid to executives of a bank that was taken over by The Netherlands. About 500 managers of ABN Amro Bank are to receive double bonuses this year, Radio Netherlands reported Thursday. Personnel Manager Robert Charlier said bank officials decided to pay additional retention bonuses after ABN Amro was acquired by a consortium of three banks. We did this at the request of the Dutch Central Bank and the consortium, Charlier said....

2009-01-19 07:16:32

The Royal Bank of Scotland said Monday a year's loss of $41 billion would prompt the British government to increase its stake in the bank to 70 percent. Prime Minister Gordon Brown said he was angry about what happened at the Royal Bank of Scotland, which purchased Dutch bank ABN Amro last year, accounting for $29 billion of the year's losses. He called the bank's decision irresponsible, The Times of London reported Monday. The Dutch bank had a sizable exposure to the U.S. subprime mortgage...

2009-01-14 12:30:00

Mint Helps New Yorkers Stay Afloat by Providing On-Demand Cars for the Same Price as a Cup of Coffee, Subway Ride or Slice of Pizza NEW YORK, Jan. 14 /PRNewswire/ -- With the economy in crisis, New Yorkers are finding it hard to spring for that extra something. So, Mint (www.drivemint.com), a new, innovative, locally operated on-demand car rental company is ready to give back to the community by saving them some cold, hard cash. From now through June 1, 2009, Mint will be offering their...

2008-12-23 15:04:00

ATLANTA, Dec. 23 /PRNewswire/ -- RBS WorldPay (formerly RBS Lynk), the U.S. payment processing arm of The Royal Bank of Scotland Group, today announced that its computer system had been improperly accessed by an unauthorized party. RBS WorldPay has urgently taken a number of important steps to mitigate risk in response to this situation. The issue, which affected pre-paid cardholders and other individuals, was identified on November 10 and law enforcement agencies and federal regulators...

2008-12-01 12:03:43

The Royal Bank of Scotland plans to allow troubled homeowners a six-month grace period before repossessing their homes, sources said. One source said RBS, which sold 57.9 percent of its shares to the government last week, had recognized that auctions on foreclosed properties contributed to housing market imbalances by driving prices down, The Times of London reported Monday. In the third quarter in Britain, 11,300 homes were repossessed, a jump of 12 percent from the second quarter. Some are...

2008-11-28 10:18:12

The British government purchased 57.9 percent of the Royal Bank of Scotland Friday after a bank sale failed to raise enough capital to meet new requirements. Investors purchased only 0.24 percent of the shares offered, forcing the government to step in, the International Herald Tribune reported. The government also agreed to purchase a block of preferred stock that would push its investment in the bank to $31 billion, the newspaper said. We are grateful to the government for its underwriting...


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