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Thursday, March 17, 2011

Hester Puts The Boot In

Stephen Hester, CEO of RBS, whilst defending his "low" (his words not mine) £7.7M pay package to the Public Accounts Committee took the opportunity to divert attention and put the boot into the Bank of England.

Hester criticised the Bank of England's assessment of the value of taxpayer support for the UK's banks in 2009 (£100BN).

The Telegraph quotes his response to a question about the accuracy of the figure:

"No, I do not accept the Bank of England [figure]...

...The figures from research that we have seen, which I think will be published in the coming weeks, comes up with a dramatically smaller figure...

£7.7M may well be "low" in the world of international banking. However, most people are not top flight international bankers and will not agree with his assessment.

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