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| Version 0 | Version 1 |
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| Treasury probes bank management | Treasury probes bank management |
| (20 minutes later) | |
| The Treasury is to launch a full independent probe into how banks are managed, chancellor Alistair Darling has said. | The Treasury is to launch a full independent probe into how banks are managed, chancellor Alistair Darling has said. |
| The investigation will also examine the pay and bonuses of top executives. | The investigation will also examine the pay and bonuses of top executives. |
| Mr Darling said he "understands people feel angry about excesses of bank bonuses and that directors have a duty to behave responsibly". | |
| The comments come as banks prepare to announce bonuses paid to leading executives amid the financial crisis. | The comments come as banks prepare to announce bonuses paid to leading executives amid the financial crisis. |
| Bonus controversy | |
| The investigation is being put into place at a time when many of the country's banks are receiving financial help from the taxpayer, BBC business correspondent Joe Lynam said. | |
| RBS, which was bailed out to the tune of £20bn by the government last year, will pay up to £1bn in bonuses to its 177,000 staff, the Sunday Telegraph has reported. | |
| RBS confirmed it was talking to the government about bonuses but refused to comment on any specific numbers - adding that it had contractual obligations to many of its executives but it was trying to do the right thing at the same time. | |
| John McFall, a Labour MP and chairman of the House of Commons treasury committee, welcomed Mr Darling's move. | |
| "There's some people in the financial services industry who consider that they can just keep their heads down for a couple of years, then things will resume as they were. I just think we've had such a cathartic experience that it can't be business as usual. | |
| "And if the government is establishing this and ensuring that boardrooms are looked at, that the role of non-executives is looked at, that corporate governance is looked at very very seriously, then that can help." |