Royal Bank of Scotland (RBS) group chief executive Stephen Hester has admitted the government's implicit subsidy to the industry may have fed into bankers' bonuses.
Giving evidence to the Treasury Select Committee yesterday, Hester was asked by Conservative MP David Ruffley about the impact of the subsidy. Hester said: "To the extent [of being] able to carry less capital than in the past, that implicit subsidy could have fed through...
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