'Banks Need to Explain to the Public Who Bailed Them Out How They Can Justify Such Bonuses' ; Hain Contradicts Downing St Line On Pounds 1.6bn Payout

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ROYAL Bank of Scotland faced a storm of criticism last night for paying pounds 1.6bn in staff bonuses despite making an annual loss of pounds 3.6bn.

The all-but-nationalised bank said it was walking a "tightrope" between public outrage over City bonuses and what it argued was a need to retain its most senior employees.

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'Banks Need to Explain to the Public Who Bailed Them Out How They Can Justify Such Bonuses' ; Hain Contradicts Downing St Line On Pounds 1.6bn Payout

RBS's losses for 2009 were better than predicted by analysts and an improvement on the record pounds 24.3bn loss recorded the previous year.

But with the taxpayer having spent more than pounds 50bn bailing out RBS - now 84% state owned - and fellow strugglers Lloyds, there is int...

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