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Alison Rose to still make £2.4 million salary after resigning amid Farage controversy

New NatWest interim boss Paul Thwaite will be paid a seven-figure salary, partially funded by the taxpayer (Matt Crossick/PA) (PA Wire)
New NatWest interim boss Paul Thwaite will be paid a seven-figure salary, partially funded by the taxpayer (Matt Crossick/PA) (PA Wire)

Former NatWest boss Dame Alison Rose will still be paid her £2.3 million compensation package while under investigation for leaking information about Nigel Farage’s bank account, the partially Government-owned bank revealed today.

However, this salary could still be clawed back by NatWest, depending on the outcome of an investigation into her revealing ofcertain information regarding Mr Farage’s account. In addition, possibility of a larger buyout is in doubt, as NatWest said decisions about other payments “will be made taking into account the findings of the Investigations, as appropriate”.

Rose will receive her £1.16 million fixed pay and her a fixed-share allowance of the same value, which is released over five years, while she is on 12-month gardening leave. She stepped down as head of the banking giant after revealing that she had provided information to a BBC reporter that led to an inaccurate report regarding the closure of Nigel Farage’s account with Coutts.

A NatWest Group spokesperson said: “Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay. This in line with her contractual notice period and remains under continual review, as the independent investigation continues.

“As previously confirmed, no decision on her remuneration will be taken until the relevant investigations are complete.”

Rose’s salary will be partially funded by the taxpayer, as the Government owns 39% of NatWest, having rescued the bank during the Global Financial Crisis.

When Rose resigned, NatWest announced Paul Thwaite as interim CEO. His base salary will be slightly less than Rose, at £1.05 million, but he could make another £2.6 million in bonuses.

When Rose left, NatWest Group chairman Sir Howard Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment.

“She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”