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Banking: Royal Bank of Scotland

Volume 710: debated on Thursday 7 May 2009

Questions

Asked by

To ask Her Majesty's Government further to the answer by Lord Myners on 28 April (Official Report, House of Lords, col. 107) that Sir Fred Goodwin employed someone at the Royal Bank of Scotland (RBS) headquarters solely to ensure that banknotes dispensed from ATMs in that building bore his signature, whether, as majority shareholders in RBS, they can confirm (a) the job title and specification of that employee; (b) the rate of pay of that employee; and (c) whether the post has been abolished since the government became the majority shareholder.[HL3277]

Questions about the operations of RBS are a matter for the directors of the bank. The framework document between HM Treasury and UK Financial Investments (UKFI) sets a requirement that UKFI will not intervene in the day-to-day management decisions of investee companies, with the companies retaining their own independent boards to manage the banks and determine their strategy.

Asked by

To ask Her Majesty's Government further to the answer by Lord Myners on 28 April (Official Report, House of Lords, col. 107) that Sir Fred Goodwin employed someone at the Royal Bank of Scotland (RBS) headquarters solely to ensure that banknotes dispensed from ATMs in that building bore his signature, who advised Lord Myners about this employee's duties; when Lord Myners was given that advice; and at whose request the advice was provided.[HL3278]

Treasury Ministers receive advice and input on a wide range of issues, from a variety of individuals and organisations in the public and private sectors, as part of the process of policy development and analysis. As was the case with previous Administrations, it is not the Government's practice to provide details of advice given to the Treasury.