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F1: Stewart to relinquish RBS fee by Virgil Ellipse
9th Mar 2009
Professor Sir Jockie Stewart OBE is to relinquish part of the payment he receives from the Royal Bank of Scotland, following the bank's recent problems.

The triple world champion performs ambassadorial duties for the bank but he has revealed via a press release issued by RBS, which we shall wrongly refer to as a bank statement, that he will be carrying out his 2009 duties for free.

Last month RBS announced annual losses of more than £24 billion, the biggest loss in British corporate history, but revised accounts issued today, which include adjustments for the "modest retainer" Sir Jockie is no longer claiming, now seem to put the bank several billion pounds in the black.

Although the precise amount Sir Jockie is paid each year remains a closely guarded secret, a spokesman for the Scot defended the scale of the remuneration, claiming that garish tartan clothing is actually surprisingly expensive.

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