83% of £375 Million = What?
The Royal Bank of Scotland (RBS) is effectively a publicly owned company - UK taxpayers now own 83% of its shares - after a government bailout saved the bank from collapse.
Yet RBS released some incredible statistics the other day - with barely a murmur from our trusty politicians.
RBS confirmed that 323 'key' staff are paid £375 million - or an average of £1.2 million each - as an annual salary.
Now that seems an extraordinary figure to me - I would take some persuading that such high salaries, for so many people - are really necessary to get the bank back on its feet.
Who are all these people - what jobs do they do, for God's sake - and where are they all based?
I would be demanding answers to these questions - if I were a Member of Parliament.
Come to think of it - since the bank is publicly owned and since 83% of the £375 million belongs in part at least to me - maybe I should ask the question myself.
One problem is likely to be that RBS is not covered by Scotland's Freedom of Information regime - but my view is that RBS (like COSLA) should be required to account for what it does with public funds.
If most of these 'key' staff are concentrated in the same areas - I would be highly suspicious that an old boys network is simply setting its own rate for the job.
RBS - it should be noted - made a £1.67 billion loss in 2010 - following previous losses of £3.6 billion in 2009 and £35 billion in 2008.
Knowledge is power as the saying goes - so let's find out what we're getting for our £375 million or £1.2 million annual salary.
Yet RBS released some incredible statistics the other day - with barely a murmur from our trusty politicians.
RBS confirmed that 323 'key' staff are paid £375 million - or an average of £1.2 million each - as an annual salary.
Now that seems an extraordinary figure to me - I would take some persuading that such high salaries, for so many people - are really necessary to get the bank back on its feet.
Who are all these people - what jobs do they do, for God's sake - and where are they all based?
I would be demanding answers to these questions - if I were a Member of Parliament.
Come to think of it - since the bank is publicly owned and since 83% of the £375 million belongs in part at least to me - maybe I should ask the question myself.
One problem is likely to be that RBS is not covered by Scotland's Freedom of Information regime - but my view is that RBS (like COSLA) should be required to account for what it does with public funds.
If most of these 'key' staff are concentrated in the same areas - I would be highly suspicious that an old boys network is simply setting its own rate for the job.
RBS - it should be noted - made a £1.67 billion loss in 2010 - following previous losses of £3.6 billion in 2009 and £35 billion in 2008.
Knowledge is power as the saying goes - so let's find out what we're getting for our £375 million or £1.2 million annual salary.
