The Royal Bank of Scotland (RBS) has told its shareholders that the organisation's new bonus plans will allow them to be paid large bonuses.
In June top executives would receive bonuses in the form of shares under the new deal.
As little as 12 weeks after the shares are given to them, the employees can then convert the majority of them into cash.
RBS has revealed that top execs that are below board level will receive a third of their bonuses in 2009, while those in the next pay grade down will be given half of their normal bonus amount.
Although the bank recognises that the deal is unlikely to please everyone, in the letter sent to shareholders it highlights that it is a "well-intentioned attempt to reach an acceptable position for most parties".
It is expected that £550 million in revenue will come from the introduction of UK chancellor Alistair Darling's 50 per cent levy on bank bonuses.
Singer-songwriter Billy Bragg has shown his anger at RBS large bonuses by announcing during a speech in Hyde Park that he will refuse to pay income tax.
