RBS comments hard to stomach in Scotland

3.22.15pm GMT Wed 25th Nov 2009

RBS’ Chief Executive Stephen Hester has told Holyrood’s Economy Committee that there is no such thing as a free lunch when it comes to bank charges for customers. Mr Hester went on to say that the worst was over for RBS job cuts in Scotland.

Commenting, Scottish Liberal Democrat leader Tavish Scott said:

“Small businesses and personal banking customers will have found RBS’ multi-millionaire banking boss’ warning that there’s no such thing as a free lunch hard to stomach.

“Taxpayers’ money is the only reason that RBS is still with us today, so Stephen Hester might want to reconsider his advice to bank customers, who after all own the majority stake in his bank.

“The Supreme Court’s decision on bank charges will be a bitter blow to the millions of people who’ve had to pay extortionate bank fees just because a cheque has bounced or they’ve unintentionally gone overdrawn.

“It simply isn’t right that someone on a low income should pay £25 or more to their bank just because they’re overdrawn by a pound or two.

“RBS’ promise that Scotland has seen the worst of its share of the job losses, will be cold comfort to those who are already out of work but also those who have to continue working under the threat of yet more, albeit smaller scale, job losses.”