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Unite calls for European Commission U-turn over RBS br...

Unite calls for European Commission U-turn over RBS branch sell off

13 October 2012

Britain’s largest union, Unite, called on the government to press the European Commission to lift its requirement for the Royal Bank of Scotland (RBS) to sell 316 branches and other assets.

The call follows the collapse of RBS’ proposed sale of 316 branches and other interests to Santander, which had been ordered by the European Commission in return for the UK government’s £45 billion rescue of the bank.

Warning of a ‘fire sale’ and mounting uncertainty among the 5,500 staff affected, Unite assistant general secretary Gail Cartmail said: “This latest development is causing yet more uncertainty and represents another day of chaos for loyal RBS staff. We would urge the government to press the European Commission to drop its insistence that the branches should be sold.

“The real danger is that the European Commission’s requirement to sell branches and assets by the end of 2013 will result in a fire sale and an attempt by any buyer to strip out costs and drive down terms and conditions of hard working staff.

“At the very least the Commission should give RBS more time to ensure that a buyer is found which is good for the taxpayer and the economy, right for competition and above all right for staff, their terms and conditions, job security and future.”

ENDS

For more information please contact Alex Flynn, Unite head of media and campaigns, on 07967 665 869.

Notes to editors:

Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The union’s general secretary is Len McCluskey.