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-UK to cap bonuses at RBS, Lloyds.

BANKING AND CREDIT NEWS-January 19, 2012--UK to cap bonuses at RBS, Lloyds(C)2012 M2 COMMUNICATIONS

19 January 2012 - Cash bonuses at UK state-backed banks Royal Bank of Scotland (RBS) and Lloyds (LON:LLOY) will be capped at GBP2,000 (USD3,000/EUR2,400) per employee in 2012 for a second consecutive year, the country's prime minister David Cameron said today.

The state holds a stake of 83% in RBS and 40% in Lloyds following their bail-outs during the financial crisis.

Earlier this week, the Financial Times reported that RBS's chief executive Stephen Hester would be paid a bonus of GBP1.3m to GBP1.5m. Cameron said that the size of the extra pay was yet to be determined, repeating comments from the bank.

The PM also reiterated the government's intention to outline proposals on slashing executive salaries next week.

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 19, 2012
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