FINANCE director Ewen Stevenson became bailed-out Royal Bank of Scotland's highest earner having been paid £3.1 million in his first seven months in post, including a £1.9 million golden hello.

The incentive came by way of 584,506 shares, to buy him out of pay deals he left behind at his previous employer, Credit Suisse.

RBS chief executive Ross McEwan pockets £1.3 million less than Mr Stevenson, receiving a total of £1.85 million for the whole of 2014.

A new RBS remuneration report reveals that Mr Stevenson, who joined the bank in May, last year, is on an annual package worth £1.9m a year, made up of an £800,000 salary, £280,000 in pension contributions, £26,250 in benefits and £800,000 in "allowances", a vehicle used by banks to get round the EU bonus cap.

The number of top bankers at RBS to receive £1 million or more in 2014 remained at 72 despite announcing losses for the seventh consecutive year.

The Edinburgh-based bank which is 79 per cent owned by the taxpayer, revealed that the count was unmoved from 2013 just days after it unveiled a £3.5 billion loss for 2014 and while claiming it was at the "leading edge of reform" on bringing down banker pay.

Meanwhile the number of bankers paid one million euro (£806,000 according to the exchange rate RBS used) or more fell from 131 to 110.

But the number paid 1.5 million euro (£1.21 million) or more actually rose, from 43 to 51. The number of sterling millionaires created by the bank was not disclosed in the report but was understood to be 72.

Last year saw three staff paid between five million and six million euro (£4-4.8 million) according to the report.

It also disclosed that 1,200 employees earned total remuneration of more than £250,000 while 6,700 made do with between £100,000 and £250,000, and 15,500 were paid between £50,000 and £100,000.

Chief executive Ross McEwan last week admitted that the lender's £421 million bonus pool - 21% down on 2013 - remained "outrageous" and confirmed he would not be taking his own £1 million role-based incentive.

Today's report disclosed his total remuneration for 2014 was £1.85 million, including a £1 million basic salary, £143,000 in benefits, £350,000 for his pension and £358,000 from a long-term bonus award.

Meanwhile former chief executive Stephen Hester, who was ousted in 2013, received a shares award that vested last year worth £858,847.

Sandy Crombie, chairman of the group performance and remuneration committee, said: "The committee must balance the views of our stakeholders with our duty to reward our people fairly, and our responsibility to ensure we are running a commercial business with the best available talent.

"RBS has been at the leading edge of reform in bringing down how much we pay and changing the structure of how pay is delivered.

"A remuneration policy that supports our business strategy is an essential part of rebuilding a successful and trusted RBS."

Details of executive pay came as the Chancellor of the Exchequer George Osborne said he planned to sell the Government stake in RBS if the Conservatives win the May general election and admitted it was a mistake not to restructure the bank in 2010.

The Government rescued RBS with a £45 billion bailout at the end of 2008 following the financial crash.

The Chancellor said he would like to "get rid of the stake as quickly as we can". And added: "When I say 'get rid of it', I mean put it into the good hands of the private sector.'"