There is one fascinating nugget in the 500+ page Asset Protection Scheme agreement between the Treasury and Royal Bank of Scotland.
We’ve all heard about the Treasury taking the power to veto some bonuses. But Alistair Darling has also banned RBS from underpaying the bankers working on the APS. The chancellor is insisting that they are paid roughly the same as colleagues working on non-toxic assets. And there will be special bonuses for reaching certain targets regarding the APS. Who says politicians don’t like bonuses? Read more