This is a breeze for the RBS team. In fact, Sir Fred Goodwin almost shouted “Bring it on!”
Almost. Instead he’s getting some repetitive questions on asset sales - and job losses - which he’s having to bat off with standard pre-cooked replies.
There is also a slightly uncomfortable focus on the size and composition of the RBS board. It’s time for Sir Tom McKillop to step in again.
The board provides plenty of challenge to the executive team, but in an entirely unrelated development it has been decided to bring in three new non-executives to the board. This is in no way related to Crunch and/or the fact that RBS is launching the biggest rights issue in history. The size and composition of the board is always subject to review.
Someone on the call has a stab at getting more detail on the RBS provisions — which tot up to £5.9bn. The questioner is referred to the table in Tuesday’s release, but the journalists asking questions have not had a chance to take all that in.
Was that a chuckle in the background?
Hey, now they are actually sounding arrogant. Or at least sounding like RBS executives. Or both.
To a question concerning the decision to turn the cash dividend into a scrip issue — effectively an extra cash call on top of the £12bn rights issue: Pause. Sigh. “Look…this is a perfectly straightforward matter…”
Soon the conference call wraps up. There are no more questions. For now.
Sir Tom seems a little surprised as he thanks everyone concerned. Perhaps he is aware that the sense of security oozing from his colleagues may yet prove to be false.
