Bailed-out banks' bonuses put pressure on Britain's George Osborne

British finance minister George Osborne is facing calls to explain bonus payouts worth around £35 million (HK$454 million) that have been handed out by the bailed-out Royal Bank of Scotland and Lloyds Banking Group.

The scale of the rewards - including £3 million in shares to the new RBS chief, Ross McEwan - were announced to the London stock exchange as it emerged the European Commission is considering a new clampdown on boardroom pay.

If implemented, it would require firms to disclose a ratio for the gap between executive pay and that of an average employee.

The disclosures by Lloyds and RBS - which has reported losses totalling more than the £45 billion of rescue funds pumped in by British taxpayers in 2008 - have further inflamed the row over City of London pay.

Rob MacGregor, of Britain's biggest trade union, Unite, said: "George Osborne needs to ... explain why he is failing to rein in the excesses of the City and turning a blind eye to the bonus bonanza in state-backed banks."

The 11 members of RBS' executive committee, including McEwan, have cashed in long-term bonus plans and been awarded new payouts potentially worth more than £23 million.