It's a major embarrassment to both Chancellor Alistair Darling and City Minister Lord Myners, (picture left) who both pledged to halt these excessive and unwarranted payments.
Examples of the payouts come from banks that were given vast amounts of state money, collected from our hard earned taxes include:
- The Royal Bank of Scotland who are now 70% owned by you and I, and managing a reported slight profit, yet they give £170million in bonuses.
- The Lloyds/TSB/HBOS group that still has a red balance sheet, despite being given one of the larger payouts, £17billion (that's £17,000 million) and is now 43% state owned and will honour tens of millions of pounds in bonuses.
Banks that didn't need government cash are expected to grant even higher, more obscene amounts to their executives .
The worst performer this year is expected to be Northern Rock, which had to be saved by the taxpayer and is expected to reveal losses of about £700million.
Many have been forced to sell off parts of their business to boost their balance sheets.
The banks claim that obscene telephone-number bonuses are crucial to retaining top staff.
This 'business as usual' attitude makes a mockery of the Government's claim to have 'eliminated the culture of greed and reckless risk that has tainted the banking industry'.
Or is it unrelated?
£40,000million pounds divided by 10million pensioners equals a massive Christmas bonus (which if inflation linked from its inception would be nearly £100 instead of still £10)!