FINANCE NEWS: Bank donates £1m to employees' top ten GAYE charities

The Royal Bank of Scotland Group has made a £1m charity Christmas donation. The money will go to the top ten charities supported by the bank's staff through its Give As You Earn (GAYE) scheme.

The banking group, which includes Natwest, Direct Line and Coutts, currently generates the highest figure paid out to charities by any company through the GAYE payroll scheme. From November 2002 to October 2003, 11,500 staff donated £2m through the scheme.

Stephanie Allison, acting head of community investment for the group, said: "It seemed to be an appropriate gesture to celebrate this unprecedented success in payroll giving."

The biggest beneficiary of the £1m donation is Cancer Research UK, which will receive £315,000. Other charities to benefit include NSPCC, RSPCA, Oxfam, Childlife, Childline, Macmillan Cancer Relief and Save the Children UK.

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