RBS attacked over summer bonus plan

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MPs called on the largely state-owned bank to think again over whether senior staff should be able to cash in a significant proportion of their 2009 bonus in around 12 weeks.

RBS has written to shareholders outlining its bonus proposals that will see senior bankers, below board level, able to convert a third of their payments — to be awarded in shares or subordinated debt — into cash this June.

RBS, which is 84 per cent taxpayer-owned, said bankers in the next pay grade, down to those earning £39,000, would be able to cash in 50 per cent of the payment this summer.

Staff earning below £39,000 will have a cash bonus of up to £2,000 for last year.

RBS chief executive Stephen Hester has warned that the bank must be able to attract and retain key staff.

Liberal Democrat Treasury spokesman Vince Cable said: "RBS are paying little more than lip service to the public outrage over the level of bankers' bonuses. This is a State-owned bank, owned by taxpayers many of whom have lost their jobs or seen pay freezes."