Staff at UK Financial Investments, the body managing government stakes in the banking sector, picked up average bonuses of £16,500 (€19800) each last year. This marks the first time the body has paid out bonuses since it was set-up at the end of 2008.

According to UKFI's annual report, a total of £198,000 was awarded for the period of November 3 2008 to November 30 2009, of which £75,000 has been paid out and £123,000 retained because UKFI bonuses are deferred over three years and subject to clawback. The total award represents 11.8% of staff costs incurred over the period.