Part of the debate – in the House of Lords at 3:04 pm on 1 February 2011.
My Lords, UK Financial Investments manages the Government's shareholding in the Royal Bank of Scotland on an arm's-length and commercial basis. The Government are clear that remuneration policies at banks need to reward long-term sustainable performance, not incentivise short-term excessive risk taking. We have made it clear to RBS that it should have a smaller bonus pool than last year.