Letter: It’s our bank too
I trust there was no suggestion that Her Majesty had been indulging in money laundering!
I have been trying to get my head around the implications of the report.
Advertisement
Hide AdAdvertisement
Hide AdCoutts & Co, the bank in question, is, I understand, wholly owned by the Royal Bank of Scotland. This would seem to mean it is wholly or very nearly so owned by us, the taxpayers.
What this seems to mean is that the taxpayers have been fined £8.75 million. In other words, we are transferring that money from one pocket to the other and there is the additional cost of the Financial Services Authority’s investigation, details of which are not given.
What a farce. Surely the correct solution would have been to fire all those responsible for this massive foul up and cancel any bonuses to those who should have seen what was going on but were too busy spending time with their money.
BRANISLAV SUDJIC
Black & Guild
Hunter Street
Kirkcaldy