Bailed out UK lender Royal Bank of Scotland is set to re-ignite the controversy about bankers' pay this week with an announcement that 300 of its top staff received packages averaging £1 million each last year.
The group which has a government stake of 83-per cent stake, will reveal the figures with the publication of its annual report this Thursday.
It is for the first time that the bank will publish figures on its senior staff pay, with the introduction of a new code on remuneration from the banking watchdog, Financial Services Authority, and as agreed with the government following the Project Merlin deal - an agreement reached between the UK government with the largest UK banks on lending, pay and bonuses.
The Project Merlin agreement between the the David Cameron government and four of the major UK banks including Barclays, Lloyds Banking Group, the Royal Bank of Scotland and HSBC, covers lending, pay and bonuses in exchange for boosting loans to businesses, especially small businesses. The deal, finalised on 9 February 2011, also covers curbing the size of bankers' bonuses and promoting transparency on executive pay.
RBS will announce that 300 of its top staff received packages averaging £1million each last year and according to analysts projections the total pay bill for the senior executives and bankers would work out to around £350million.
The money would be split up between senior staff and an estimated 300 people classed as so-called code workers - who take material risks for the bank on a regular basis.
The payments are believed to run in an average of £1million each, although some of this would be deferred.
The figure would be broadly be on lines of a similar payout given to HSBC's code staff, although it would be less than the £2.4million that Barclays' 231 code staff received on average.
Stephen Hester RBS chief executive, received a total pay packet worth potentially £7.7 million for 2010.
The annual report would also contain details of the pay packages of the top five executives outside of board level, though the individuals would not need to be named.
The group has already revealed that Hester received a total pay packet potentially worth up to £7.7million for 2010. This is made up of a £1.2 million salary for the year, £2 million annual bonus and £4.5 million of shares, that are deferred until 2014 and dependent on performance targets being met.
Finance boss Bruce Van Saun received £1.4 million in annual pay and bonuses with an entitlement to £2.8 million in long-term incentive payouts.
Ellen Alemany, chief executive of the bank's Citizens US arm, received 2.6 million shares for a 2010 bonus, which is now worth £1.2 million, with a further 5.5 million shares worth £2.4 million as part of the long-term scheme.
John Hourican global banking and markets head, took an all-share bonus for 2010 worth £2.6 million at the current share price.
According to analysts, the latest details on handouts would likely be controversial given the support from high levels of government with prime miniser Cameron insisting that the group should be a "back-marker" for pay.
Meanwhile RBS was in red last year despite improvement in performance, with losses at £1.1 billion in 2010.
It energed last week that Barclays boss Bob Diamond took a total pay package worth £9 million last year. This included long-term incentive share awards as also £6.5 million bonus.