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Footing the bill

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Stephen Gilchrist published in The Mail on Sunday

The question is not how much Royal Bank of Scotland has to pay to the Financial Services Authority, the Commodity Futures Trading Commission and the US Department of Justice for its role in global rate-rigging, but who foots the bill. Taxpayers own 82 per cent of RBS, yet Vince Cable claims that while the Government expects the bnk to 'absorb' the cost by way of bonus clawbacks and so on, the Government 'isn't in a position to make them' pay up. A dime to a dollar the fines imposed on RBS will be met by another blank taxpayers' cheque. Such is the way of our broken financial world.

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