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State bank overseers fail to come up with pay details

Treasury select committee chairman John McFall has blasted the bosses of UK Financial Investments Limited for failing to provide information requested on the pay and bonuses of bailed-out bank staff.

Speaking at a committee meeting on Tuesday, Labour MP McFall asked UKFI chairman Glenn Moreno and chief executive John Kingman to provide details of the executives of Royal Bank of Scotland, Lloyds Banking group, Northern Rock and Bradford & Bingley who were paid more than £100,000 in 2008 as well as those paid bonuses above this level.

But despite the committee clerk requesting the information last Friday, neither Moreno or Kingman knew the figure, which McFall described as “highly discourteous” and “scandalous” behaviour. He said: “You are standing behind hundreds of billions of pounds of taxpayers’ money, you get a simple request on Friday and you do not even seem apologetic.”

Kingman told MPs that UKFI was looking at all possible avenues for legal action against ex-RBS chief Sir Fred Goodwin as well as potential action against HBOS’s former senior staff.

He said: “To the extent that any potential for legal action derives from an analysis of events…I would expect that to take weeks rather than days.”

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