Top Treasury officials and Robin Budenberg, chairman of the arms-length holding company for nationalised banks, UKFI, give evidence.

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According to UKFI, which manages the government's stakes in the banks, the price actually paid by the Treasury for its 82% stake was 502p per share.

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"Hester's pay reflects the significant contribution he has made towards rebuilding RBS in 2011, " UK Financial Investments (UKFI) told BBC business editor Robert Peston.

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MPs complain that they cannot exert any leverage or get any answers, with ministers insisting UKFI is an arm's length body for which they are not answerable.

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Officials, when questioned at a briefing following the release of the UKFI report, indicated that they believed RBS had to pay the rate necessary to ensure it got the best possible talent.

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Mr Cable said UK Financial Investments (UKFI), which was set up to manage taxpayers' shareholding in the banks, should make it clear that their principal duty was to provide capital to the British economy and to British companies.

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