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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/2m-bonus-for-rbs-chief-executive.jpg"><img class="alignnone size-full" title="The head of Royal Bank of Scotland Stephen Hester has been awarded a £2.04 million bonus" src="http://londonglossy.com/wp-content/uploads/2011/02/min-2m-bonus-for-rbs-chief-executive.jpg" alt="The head of Royal Bank of Scotland Stephen Hester has been awarded a £2.04 million bonus"/></a></p>
<p>The head of Royal Bank of Scotland Stephen Hester has been awarded a £2.04 million bonus for 2010, as the UK&#8217;s state-backed banks confirmed their chief executives&#8217; pay packets.</p>
<p>Lloyds Banking Group, which is 41% owned by the taxpayer, confirmed outgoing boss Eric Daniels will be offered a £1.45 million bonus, 62% of what he could have received, while RBS added Mr Hester will not receive a pay rise in 2011.</p>
<p>The bonus pay-outs for both bank bosses will be in shares, which will vest in three years time.</p>
<p>RBS, 83% Government owned, also revealed that under terms agreed with the UKFI, which manages the Government&#8217;s stake in both RBS and Lloyds, the bonus pool for RBS&#8217;s investment banking arm will be less than £950 million in 2010 &#8211; lower than in 2009, when the pool hit £1.3 billion.</p>
<p>Last year, Mr Hester and Mr Daniels both waived their bonuses, after being awarded £1.6 million and £2.3 million respectively.</p>
<p>A spokeswoman for Lloyds said &#8220;in considering the award, the board took into account the current environment and desire for restraint&#8221;. While RBS provided figures, they offered no further comment.</p>
<p>In a speech to the House of Commons, the Chancellor shed further light on the agreements the Government had made with both RBS and Lloyds.</p>
<p>For all staff at RBS and Lloyds, the maximum upfront cash bonuses will be limited to a maximum of £2,000 this year, the Chancellor said.</p>
<p>George Osborne added that all executive directors, including the chief executives, agreed to receive this year&#8217;s bonuses entirely in the form of shares, and will have to wait until 2013 to convert these shares to cash.</p>
<p>RBS and Lloyds received a series of government bailouts in 2008 and 2009, putting them both at the frontline in a long-raging debate over bankers&#8217; bonuses.</p>
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