ROYAL BANK OF SCOTLAND BONUSES

That this House notes with alarm plans by the Royal Bank of Scotland (RBS) investment banking arm to pay record bonuses of up to £5 million; believes that this is a snub to taxpayers and businesses who are still struggling following the collapse of the banks in the autumn of 2008; recognises that the plans being forwarded by RBS show that the greed culture has not changed within the industry while the causes of the failure in the banking system have not been fully addressed; supports the comments by Lord Myners who is urging all banks to hold onto cash in order to build up reserves, rather than hand out huge bonuses to executives and traders; and calls on UK Financial Investments to oppose the planned bonus payments.