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All right said Sir Fred

Submitted by on March 17, 2009 – 5:25 pmNo Comment

goodwin1Banking group RBS has clarified that former chief executive Sir Fred Goodwin has agreed to pay back a £3m advance on his £703,000 annual pension. Its comments came after Treasury Minister Lord Myners revealed to MPs that Sir Fred had pocketed that amount.

However it has emerged that RBS won’t receive the full amount immediately as Sir Fred intends to pay the advance back in cash and the bank’s ATM’s will only allow him to take out £250 a day. Sir Fred has apologised for the delay but says that the bank’s rules are beyond his control and he simply has to abide by them. It is estimated that he will have repaid the advance by January 18, 2041.

However Sir Fred maintains that he will not give up his £703,000 pension, his right to drive a flock of sheep through the city of London or the entitlement to keep all the loose coins which are found on all British trains. Sir Fred says that he gives 10p in every pound found on South West Trains to Guide Dogs for the Blind and would hate them to miss out.

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