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Royal Bank of Scotland to announce £7 billion loss for 2009

Royal Bank of Scotland is on the verge of announcing a loss of £7 billion for 2009 while at the same time looking for Treasury approval regarding a £1.3 billion bonus pot which will be paid to the company's investment bankers. The company, despite being 84% owned by UK taxpayers, appears determined to push through these massive bonus payments at a time when public anger is mounting at the ever growing national debt and consumer debt in the country.

Over the last few weeks we have seen some "softer" headlines regarding Royal Bank of Scotland with a suggestion the company would scale back future staff payments to below the sector average. However, at the same time we hear that the company is determined to push through a £1.3 billion bonus pot for despite losses of £7 billion. The everyday person in the street will find it difficult to appreciate how you can pay a bonus to staff at a company which lost £7 billion in 2009, nearly went under and is effectively controlled by UK taxpayers.

Even some hard-nosed financiers in the city find it difficult to appreciate that a company effectively saved by the taxpayer can still look to pay bonuses as if it were back in the boom times.

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