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royal bank

In line with company policy the Royal Bank of Scotland (RBS) has sent itself a stern letter warning that as it had suddenly found itself £692 million in the red without clearing it with itself first, it would have to pay itself charges of £38 million for unauthorised borrowing.

‘You know how it is,’ said chairman Sir Tom McKillop, ‘we knew we were going to go ‘a bit over’ this year but completely forgot to phone ourselves and agree some new terms, although actually there probably wouldn’t have been much point in that really as we would have had to refuse to give ourselves any extension of facilities, given the current climate.’

‘The first thing I knew about it was when I had to write a letter to myself explaining the charges and that there would also be a further ‘maintenance charge’ of £28 million applied in September because of our actions during the last financial year,’ continued Sir Tom. ‘It arrived on my desk this morning and, though I consider myself a reasonable man, when I opened it, well, if I’m honest, I was livid.’

The full article from News Biscuit is HERE