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Bonus Watch '11: RBS

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Yes, bonuses at RBS are expected to be "downsized" at least thirty percent this year but the relatively good news? The bank will get to pay out shitty bonuses on its own terms and not because anyone is forcing them to do so.

The British government has no powers to restrict bonuses at the Royal Bank of Scotland this year, the finance minister George Osborne said on Tuesday. "The (government's contract with RBS) puts no contraints on RBS bonuses for this year," Osborne told parliament.

UK government cannot restrict RBS bonuses this year [Reuters]