RBS executives and senior directors scoop £3.3m in new share allowances

The shares delivered were in payment of a fixed share allowance for the six month period ended 31 December 2015.

Chief executive Ross McEwan received 156,133 shares valued at £500,000, while chief financial officer Ewen Stevenson received 124,906 valued at just under £400,000.

However both had to sell 73,493 and 58,795 to satisfy the associated tax liability.

Finance director Ewen Stevenson, chief executive of corporate and institutional banking Chris Marks, and capital resolution boss Mark Baillie received 124,906 shares each.

They retained 66,111 each after settling tax liabilities.

Commercial and private banking chief Alison Rose, chief risk officer David Stephen and personal and business banking head Les Matheson were among the others receiving shares.

Shares retained after paying tax liabilitiesare held on behalf of them in a nominee account and will be released in instalments over a five year retention period.

McEwen also said earlier in 2015 that he did not intend to benefit from his allowance and will give any proceeds received to charity.