STUC on RBS Losses

February 26th 2009

Commenting on the news that RBS has posted the largest annual loss in UK history, Grahame Smith, Scottish Trades Union Congress (STUC) General Secretary said:

“Perhaps this will prove to be the day when the extent and nature of the banking crisis was truly revealed. The shamelessness and sense of entitlement of those who brought about the crisis is shockingly encapsulated in the news that Fred Goodwin has already started drawing a pension of £650k. Meanwhile, ordinary workers in RBS and other banks suffer growing anxiety and insecurity about their future job prospects.

“It is worth remembering that until very recently the vainglorious business strategy of Messrs Goodwin and McKillop was lionised by politicians of every hue and held up as a model for private and public sectors alike. As the taxpayer is left exposed to toxic assets totalling £325bn – ten times the annual Scottish budget - these politicians must now reflect on their own failures and consider how they will create a fairer and more sustainable economic and social model.

“The public now expects the Government to start exerting real control as majority shareholder. An end to the feather bedding of failed Executives and support for ordinary workers would be a good place to start”.

ENDS

For further information contact

Stephen Boyd Assistant Secretary STUC
0141 337 8100

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