RBS boss Hester sells shares

24th Nov 2009 16:16

Royal Bank of Scotland chief executive Stephen Hester has sold £94,000 of shares in order to finance the income tax and National Insurance payable on the release of 610,688 restricted shares. He retains 359,802 of those released shares. Hester had previously raised £102,000 and £53,566 from share sales in June and August respectively. Both of these sales were said to be to meet income tax and National Insurance liabilities arising from transfers of restricted shares.Hester still owns 2,167,419 shares in RBS, equivalent to 0.004% of the bank's share capital. RBS is one of the worst performers in the FTSE 100 index today. Most of the big European banks have fallen after rating agency Standard & Poor's said that nearly all of the world's big banks are weakly capitalised.The Bank of England revealed that it provided emergency funding to Royal Bank of Scotland in October and November 2008 that peaked at £36.6bn, before it was paid off in November 2008. The BoE said there's no need for the assistance to remain a secret now that RBS has signed up for the government's Asset Protection Scheme. Top Director BuysNational Express Group (NEX) Director name: Mr Jorge CosmenAmount purchased: 400,000 @ 358.85p Value: £1,435,400Frenkel Topping (FEN) Director name: Mr David R SouthworthAmount purchased: 1,666,667 @ 3.00p Value: £50,000Catlin Group (CGL) Director name: Mr Robert C. GowdyAmount purchased: 9,350 @ 317.30p Value: £29,668Mecom Group (MEC) Director name: Mr David MontgomeryAmount purchased: 20,000 @ 123.62p Value: £24,724XP Power (XPP) Director name: Mr Mickey LynchAmount purchased: 3,500 @ 376.20p Value: £13,167Phoenix IT Group (PNX) Director name: Mr Nick RobinsonAmount purchased: 7,872 @ 242.05p Value: £19,054Amlin (AML) Director name: Mr Martin FeinsteinAmount purchased: 4,000 @ 393.29p Value: £15,732JPMorgan Mid Cap Inv Trust (JMF) Director name: Mr Andrew BarkerAmount purchased: 4,000 @ 386.00p Value: £15,440Hanson Westhouse Holdings (HWH) Director name: Mr Andrew BeesonAmount purchased: 25,000 @ 60.00p Value: £15,000Top Director SellsJardine Matheson (Singapore) (JAR) Director name: Mr Adam Phillip Charles KeswickAmount sold: 3,674 @ $50.86 Value: $186,875Royal Bank of Scotland Group (RBS) Director name: Mr Stephen HesterAmount sold: 250,886 @ 37.48p Value: £94,032Frenkel Topping (FEN) Director name: Mr Richard FraserAmount sold: 1,666,667 @ 3.00p Value: £50,000